Pakistan imported $100 million in petroleum products through the Saudi Oil Facility in April, and Pakistan imported $100 million in petroleum products through the Saudi oil facility for the second month in a row, from April to the end of 2022.
Petroleum products
Under the Pakistan Tehreek-e-Insaf (PTI) government, Pakistan reached a $1.2 billion agreement with Saudi Arabia for the import of petroleum on a deferred payment basis in November 2021.
According to official sources in the government, the brotherly nation supplied petroleum products worth 100 million dollars to Pakistan in April of 2022. Saudi Arabia also provided products from the petroleum sector that was worth 100 million in March 2022.
Under the terms of a deferred agreement with the Saudi Fund for Development (SFD), Pakistan will import approximately 32.7 million barrels (MBL) of crude oil from Saudi Arabia in 2022.
In 2022, Pak-Arab Refinery Co. Limited (PARCO) and National Refinery Limited (NRL) will import 16.89 million barrels of crude oil and 15.81 million barrels of crude oil, respectively, in 2022.
It is important to note that Pakistan’s foreign reserves have steadily declined in recent months. This facility will help the government build sufficient forex reserves in order to limit the rupee’s depreciation against the US dollar and make timely payments to foreign banks.
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