ISLAMABAD: As per the agreement reached in February the Saudi Oil supply to Pakistan begins today July 1, 2019, on deferred payments.
The Saudi Government also issued a statement that the package agreed in February this year between Islamabad and Riyadh, the implementation will start from Monday (Today).
According to reports, Saudi Oil Supply will continue for three years on deferred payments. The will continue with a total value of 9.9 billion dollars.
Annually Pakistan will receive 3.2 billion dollars worth of oil from Saudi Arabia.
As per package Pakistan will receive oil worth more than 275 million dollars per month from Saudi Arabia.
Last October Saudi Arabia had announced an economic support package for Pakistan which included three billion dollars for supporting the balance of external payments.
Saudi Crown Prince Mohammad bin Salman (MBS) had visited Pakistan in the month of February this year.
Seven agreements were signed between the two countries. The areas of interest included Energy, Agriculture, Tourism and Mining.
Other sectors of interest include electricity, refinery petrochemical plant, promotion of sports and technical assistance in standardization sectors.
During this meeting, PM Imran Khan had also requested the Crown Prince to help resolve the challenges and hardships of Pakistani laborers that are working in the Kingdom of Saudi Arabia.
Saudi Crown Prince Mohammad bin Salman had responded by saying “Consider me an ambassador for Pakistan in Saudi Arabia”
Saudia Arabia and Pakistan signed deals worth 20 billion dollars.