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First shipment of Saudi crude oil on deferred payment reaches Karachi Port

ISLAMABAD (Web Desk) – Pakistan has started receiving oil supplies from Saudi Arabia on deferred payments as the first shipment of crude oil under Saudi Fund Facility has reached Karachi port.

According to a press release issued by the Saudi embassy earlier, Pakistan will start receiving monthly oil supplies worth $275 million in current month. These supplies will continue over the next three years with a total value of $9.9 billion.

It is worth mentioning here that in last October, The Kingdom of Saudi Arabia had announced an economic support package for Pakistan which included $3 billion for supporting the balance of external payments.

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