Pakistan's petroleum imports under Saudi oil facility reach $400m in July-October

Pakistan has imported petroleum products amounting to $400 million on a deferred payment basis under the Saudi oil facility during the period from July to October in the current fiscal year 2023-24.

This figure falls short of the budgeted estimates, which anticipated imports totaling $600 million.

Official documents disclose that in October 2023 alone, the country imported petroleum products worth $100 million on a deferred payment basis through the Saudi oil facility.

Saudi Arabia also supplied petroleum products worth $100 million each in the months of July, August, and September 2023.

In the previous fiscal year 2022-23, Pakistan's import of petroleum products on a deferred payment basis under the Saudi oil facility amounted to $1.182 billion. This exceeded the budgeted estimates of $800 million.

The financing agreement for this import, valued at $1.2 billion, was inked in November 2021 between the Saudi Fund for Development (SFD) and Pakistan’s Economic Affairs Division (EAD).