$551 mln loan agreement signed with ITFC for Oil and LNG import

News Image

By MG News | April 22, 2019 at 06:00 PM GMT+05:00

0:00

April  22, 2019: Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs witnessed the signing of loan agreement amounting to US$ 551 million with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of Islamic Development Bank (IsDB) Group, for import of oil and LNG. 

This facility will be utilized by Pakistan State Oil Company Limited, Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited (PLL).

The Agreement was signed among the Economic Affairs Division and ITFC and the representatives of PSO, PARCO and Pakistan LNG Limited. 

The financing Agreement provides trade financing amounting to US $ 551 million for a period of one year for import of oil and LNG. 

ITFC has agreed to provide trade financing of US$ 1.3 billion during the year 2019 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited. 

It may be recalled that this facility is a part of Framework Agreement signed with ITFC in April 2018 for a total envelop of US$ 4.5 billion over for a period of three years (2018-2020).

Signing of this financing facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country. 

This agreement also reflects confidence of international financial institutions in Pakistan’s economy and its future. 

Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue & Economic Affairs thanked and appreciated ITFC support for Pakistan.

 

Related News

Name Price/Vol %Chg/NChg
KSE100 130,217.22
145.67M
-0.10%
-126.81
ALLSHR 81,028.46
441.16M
0.01%
4.47
KSE30 39,819.23
62.08M
-0.22%
-89.03
KMI30 189,704.24
77.58M
0.09%
169.23
KMIALLSHR 54,843.05
215.99M
0.11%
59.39
BKTi 34,578.97
14.48M
-1.04%
-361.77
OGTi 28,488.80
11.66M
0.68%
192.75
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 110,035.00 110,105.00
109,200.00
-250.00
-0.23%
BRENT CRUDE 68.59 69.00
68.41
-0.52
-0.75%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
108.25
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.94 67.50
66.78
-0.51
-0.76%
SUGAR #11 WORLD 15.56 15.97
15.44
-0.14
-0.89%

Chart of the Day


Latest News
July 03, 2025 at 10:45 AM GMT+05:00

Population crisis declared national emergency


July 03, 2025 at 10:22 AM GMT+05:00

Bunny’s starts bread production in Islamabad


July 03, 2025 at 10:16 AM GMT+05:00

Atlas Honda updates bike prices amid new taxes



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg