Pakistan fails to fully benefit from deferred payments on Saudi Oil

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ISLAMABAD (City News) – Pakistan has failed to fully take advantage of deferred payment facility on petroleum imports from Saudi Arabia. The kingdom had offered oil products worth $275 million every month for the three years.

According the documents, only $769 million deferred payment facility on supply of oil was availed from Saudi government in first 12 months. However, government is hoping to receive minimum $1 billion worth of oil in fiscal year 2020-21, which started from July.

The oil facility was announced in November 2018 but become operational from July 1, 2019.

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