ISLAMABAD: After a formal request, Pakistan is likely to get $2 billion worth petroleum products from Saudi Arabia on deferred payments for two years, sources revealed on Monday.
Pakistan formally requested Saudi Arabia to provide 0.2-million-barrel oil per day on deferred payments for as much as three months, while $2 billion worth oil supply for at least two years, sources added.
It is pertinent to mention that Pakistan can get the same facility from the United Arab Emirates if Saudi Arabia agrees to provide oil on credit, as Pakistan imports oil worth $4.75 billion from UAE annually.
As per details, the delegations of Pakistan and Saudi Arabia held the first round of talks in Islamabad on Monday. Sources in the Ministry of Energy informed Pakistan Today that during the talks, Saudi investors expressed keen interest to invest in the power sector of Pakistan.
The Saudi delegation was headed by Saudi Ministry of Energy, Industry, and Mineral Resources Advisor Ahmad Hameed Al-Ghamdi, while Energy Minister Umar Ayub Khan led the Pakistani side.
Minister Omar Ayub Khan welcomed the Saudi delegation and reiterated Pakistan’s close fraternal ties with Saudi Arabia and the government’s commitment to strengthen the bilateral relations in all areas of mutual interest.
He also informed that Pakistan had become a rapidly developing country having tremendous opportunities in the energy sector. The minister further said that Pakistan had turned into an investor friendly-country and it completely facilitated and safeguarded the interests of foreign investors.
The minister also highlighted that there were great opportunities to invest in the field of electricity generation and transmission.
Briefing on the potential sites for solar, wind and hydel energy, the minister said that the present government was keen to harness the potential for renewable energy, making it affordable for the people.
During its six-day visit to Pakistan, the Saudi delegation is likely to sign a MoU to make investments in the Balochistan Reko Diq gold and copper mines. Similarly, agreements to the sale of phosphate-containing fertilisers to Pakistan is also expected to be signed by the delegation.
Saudi Arabia had also offered to set up a multi-billion-dollar oil refinery in Gwadar besides acquiring stakes in LNG-fired power plants in Punjab, according to an official of the commerce ministry.
