Federal Minister for Finance Shaukat Tarin said on Friday that Saudi Arabia will provide a $3.6 billion facility for purchasing oil on deferred payments over a period of two years.
“Saudi Arabia has agreed $150 million credit on a monthly basis for providing oil facility on deferred payment. It will provide $3.6 billion in cash for two years for allowing Islamabad to purchase oil from anywhere for meeting its requirements,” Federal Minister for Finance and Revenues Shaukat Tarin confirmed when journalists asked him about the Saudi Oil Facility (SOF) on deferred payment after the inauguration of Track and Trace System at the production unit of Pakistan Tobacco Company (PTC) located in Jhelum on Friday.
When this scribe inquired about the finalisation of the Saudi Oil Facility, the minister replied that Saudi Arabia’s deal was done under which they would provide a $150 million credit facility on a monthly basis, so it would be around $3.6 billion facility for the next two years.
