Tuesday Sep 18 2018

Pakistan likely to ask Saudi Arabia for $2bn oil on deferred payments: sources


ISLAMABAD: Pakistan is likely to seek economic assistance worth more than $2 billion from Saudi Arabia for its oil purchases, sources informed Geo News Tuesday.

The sources said that discussion would be held on the matter during Prime Minister Imran Khan's current visit to Saudi Arabia.

The Pakistan premier and the delegates accompanying him on the visit will hold discussions on economic affairs of the country.

Pakistani delegates are hopeful that they will be able to achieve this facility from the kingdom. Pakistan can get the same facility from the United Arab Emirates, if Saudi Arabia agrees to provide it oil on credit.

The sources said that Pakistan imports oil worth $4.75 billion from UAE annually. Pakistani ministries of finance and foreign affairs have also held a detailed discussion on the matter

Earlier in the day, PM Khan arrived in Madina on his first foreign visit to Saudi Arabia.

He is accompanied by Foreign Minister Shah Mehmood Qureshi, Finance Minister Asad Umar, Information Minister Fawad Chaudhry and Adviser for Commerce Abdul Razak Dawood.

Khan is visiting the kingdom on the invitation of His Majesty King Salman bin Abdulaziz and Crown Prince His Royal Highness Mohammad Bin Salman, a statement released by the Foreign Office of Pakistan said earlier.

The prime minister will also call on King Salman and hold a bilateral meeting with the Saudi crown prince.