PARCO, NRL to import petroleum products under Saudi Oil Facility

MG News | March 04, 2022 at 11:18 AM GMT+05:00

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March 04, 2022 (MLN): Pak Arab Refinery Limited (PARCO) and National Refinery Limited (NRL) will import petroleum products up to US$100 million per month from Saudi Arabia under Saudi oil facility, said a press release issued on Thursday.

Mr Omar Ayub Khan, the Federal Minister for Economic Affairs also acknowledged timely operationalization of Saudi oil facility of $1.2 billion for import for petroleum products on a one-year deferred payment basis while discussing bilateral economic cooperation including Saudi Oil Facility, ongoing development projects and new initiatives with H.E. Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia in Islamabad and Dr Saud Ayid R. Alshammari, Director General of Saudi Development Fund (SFD) on Thursday.

During the discussion, it was further informed that the first Oil Tanker was expected to arrive in Pakistan in the 3rd week of March 2022.

The Saudi Ambassador assured of continued support at all levels for further strengthening the bilateral economic cooperation between the two brotherly countries.

The Minister further directed to resolve all the bottlenecks and expedite the implementation of development projects on a fast-track basis. The Minister shared that Economic Affairs Division is going to implement the triad approach i.e., physical progress verification by satellite through EAD & SUPARCO’s collaboration, financial tracking and use of Gantt Charts for efficient monitoring and smooth implementation of the projects.

The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to playing a much stronger role in the socio-economic development of Pakistan. Earlier, Saudi Fund for Development (SFD) Team, headed by Dr Saud Ayid R. Alshammari, Director General and GoP Team, headed by Mr Zubair Qureshi, Additional Secretary, EAD reviewed the progress on 13 ongoing projects in Pakistan.

At present, SFD is providing financial assistance for various development projects in the areas of Renewable Energy, Health, Education, Infrastructure and Housing.

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