Saudi Arabia agrees to supply oil on credit to Pakistan

Friday, October 31, 2008 Leave a Comment

Saudi Arabia has agreed to supply oil on credit to Pakistan.

The acknowledgement follows the acceptance of special request by Pakistan and keeping in view the forthcoming visit of President Asif Ali Zardari to Saudi Arabia.

Reliable sources have informed that President Asif Ali Zardari is due to visit the Saudi Kingdom on 04th Nov, where besides meeting with top leadership, he would also request supply for oil on credit.

Sources have also informed that special advisor to PM on Finance, Shaukat Tareen would also visit Saudi Arabia in this connection, while the Saudi officials are also expected to make a formal official announcement in this regard soon.

Saudi Arabia has agreed to supply 1,10,000 barrels of oil daily , according to which Pakistan would be facilitated to pay U$. 65 per barrel, summing upto U$. 2 billion per year.

This facility would lessen Pakistan’s reliance on unreliable aid of Global Financial Funds.