No Result
View All Result
Monday, June 9, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Ana de Armas in a scene from "Ballerina." (Lionsgate via AP)

    How to watch Ana de Armas’ ‘Ballerina’ online

    SI Film

    Love Guru Review: Hit or flop?

    (Credit: Europa Press)

    ‘I Am Georgina’ won’t return as Netflix ends show about Ronaldo’s girlfriend

    Ali Zafar drops first Shina song ‘Karay Karay’ on Eidul Adha

    Ali Zafar releases first Shina language song ‘Kare Kare’

    Hania Aamir, known for her lively spirit, surprised fans with a photo carousel from Makkah, Saudi Arabia while Sana Javed, dressed in a peach ensemble, celebrated Eid with her cricketer husband Shoaib Malik

    Pakistani celebs celebrate Eidul Adha 2025 in style

    Directed by Tarun Mansukhani and produced by Sajid Nadiadwala, Housefull 5 features a power-packed lineup including Akshay Kumar and Abhishek Bachchan

    When will Akshay Kumar’s ‘Housefull 5’ get OTT release?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Ana de Armas in a scene from "Ballerina." (Lionsgate via AP)

    How to watch Ana de Armas’ ‘Ballerina’ online

    SI Film

    Love Guru Review: Hit or flop?

    (Credit: Europa Press)

    ‘I Am Georgina’ won’t return as Netflix ends show about Ronaldo’s girlfriend

    Ali Zafar drops first Shina song ‘Karay Karay’ on Eidul Adha

    Ali Zafar releases first Shina language song ‘Kare Kare’

    Hania Aamir, known for her lively spirit, surprised fans with a photo carousel from Makkah, Saudi Arabia while Sana Javed, dressed in a peach ensemble, celebrated Eid with her cricketer husband Shoaib Malik

    Pakistani celebs celebrate Eidul Adha 2025 in style

    Directed by Tarun Mansukhani and produced by Sajid Nadiadwala, Housefull 5 features a power-packed lineup including Akshay Kumar and Abhishek Bachchan

    When will Akshay Kumar’s ‘Housefull 5’ get OTT release?

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Thought Box
  • Showbiz
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Business & Stock

Saudi Arabia agreed to provide oil on deferred payments to Pakistan: Minister

MM News Staff by MM News Staff
October 3, 2021
Saudi to provide $150 million to Pakistan monthly. (Source: APP)

Saudi to provide $150 million to Pakistan monthly. (Source: APP)

JHELUM: Finance Minister Shaukat Tarin on Friday announced that Saudi Arabia has agreed to provide oil to Pakistan on deferred payment, a day after the government hiked the price of petroleum products up to Rs8.82.

Addressing a ceremony in Jhelum, the finance minister said Saudi Arabia would provide $150 million to Pakistan on a monthly basis, and in two years, Riyadh would provide a facility of $3.60 billion to Islamabad. “This amount will be utilised to procure oil,” the finance minister said.

The Finance Minister, while speaking on the National Assembly floor on September 29, disclosed that an agreement for another Saudi oil facility on deferred payments had been reached and would be formally announced within two to three days.

“They are not only considering another oil facility on deferred payments but an agreement has almost been reached that would hopefully be made public in two or three days,” Mr Tarin said while testifying before the National Assembly in response to a question.

During Question Hour, MNA Maulana Abdul Akbar Chitrali raised a supplementary question on a written reply to his question as to why there had been coldness in bilateral relationship with Saudi Arabia after its $1.5 billion assistance for Pakistan Develop­ment Fund in 2013-14.

In response, Mr Tarin said Saudi Arabia had given a big package to Pakistan that included oil supplies on deferred payments and cash. “They provided us $5bn in cash and took it back slowly, slowly. As we speak, Saudi Arabia is considering another oil facility on deferred payments on request to absorb the impact of rising oil prices in the market,” he said

Back in May, Federal Minister for Information Fawad Chaudhry had said Saudi Arabia had agreed, in principle, to revive the facility of oil supply to Pakistan on deferred payments.

The prime minister, on his visit to the kingdom earlier this year, had made a request to Saudi Arabia to resume the supply of oil to Pakistan on deferred payments for an extended period.

Earlier, Saudi Arabia had provided a $6 billion financial package, including $3 billion deposits into the State Bank of Pakistan, and the remaining $3 billion for oil facility on deferred payment on an annual basis.

The previous oil facility from KSA was signed for three years during the visit of Saudi Crown Prince Mohammad Bin Salman to Pakistan. This facility was made operational from July 2019 with the understanding that the first-year bill would be paid on monthly basis and then second-year oil would be obtained on deferred payment.

So, this whole facility would end in the fourth year upon the maturity of getting oil for the third year. It was assessed at that time that Pakistan would require a $275 million oil facility on monthly basis from the KSA, so it accounted for $3.2 billion on a per annum basis for a three-year period.

 

ShareTweetSendShare
Previous Post

LHC orders release of TLP chief Saad Rizvi, declares detention “illegal”

Next Post

PIA’s London-bound flight cancelled after engine leak: sources

Related Stories

Bhatta Chowk cattle market
Bakra Eid 2025

Over 1.1 million sacrificial animals sold in Punjab ahead of Eidul Adha

June 9, 2025
Business & Stock

Federal budget 2025-26 to be presented tomorrow

June 9, 2025
Business & Stock

Major targets missed as Pakistan’s Economic Survey 2024-25 to be presented tomorrow

June 8, 2025
Business & Stock

Motor Dealers Association hopes govt will ease used vehicle import restrictions

June 8, 2025
(APP)
Business & Stock

Karachi’s Northern Bypass cattle market sees over 150,000 animals sold since April 19

June 7, 2025
Business & Stock

Budget 2025-26: Govt to increase withholding tax for non-filers

June 7, 2025
Pakistan’s Minister of State for Crypto and Blockchain Bilal Bin Saqib meets New York City Mayor Eric Adams (left) in NewYork City on June 6, 2025. (Pakistan Crypto Council)
Business & Stock

Bilal Bin Saqib meets New York City Mayor to strengthen bilateral cooperation

June 6, 2025
Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)
Business & Stock

Govt likely to impose 18% sales tax on solar panels in budget 2025-26

June 6, 2025
Online file photo
Business & Stock

SSGC issues gas supply schedule for Karachi during Eidul Adha

June 5, 2025
File photo
Business & Stock

Rs343 million renovation plan for PM Office in budget 2025-26

June 5, 2025
Next Post
pia flight london cancelled

PIA's London-bound flight cancelled after engine leak: sources

Trending Stories

Bhatta Chowk cattle market
Bakra Eid 2025

Over 1.1 million sacrificial animals sold in Punjab ahead of Eidul Adha

by MM News Staff
June 9, 2025
(Representational Image)
Crime

Mandi Bahauddin woman murders 8-year-old daughter to facilitate second marriage

by MM News Staff
June 9, 2025
Business & Stock

Federal budget 2025-26 to be presented tomorrow

by MM News Staff
June 9, 2025
Muhammad Asif Hafeez. — (Image: Geo News)
Crime

US court sentences Pakistani businessman Asif Hafeez to 16 years in prison on drug charges

by MM News Staff
June 9, 2025
At least five firefighters injured as portion of building collapses.
Top News

Five injured as firefighters continue to battle blaze at factory in Karachi’s Landhi

by MM News Staff
June 9, 2025

Opinion

munir ahmed oped
The Betrayals Within: From Homes to Halls of Power
June 5, 2025
- Munir Ahmed
munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

File photo
Bakra Eid 2025

Eidul Adha holidays: PDMA issues heatwave alert

by MM News Staff
June 5, 2025

Punjab Provincial Disaster Management Authority (PDMA) has issued an alert regarding temperature rise and...

representative image

Severe heatwave warning issued nationwide for Eid holidays

June 5, 2025
President Asif Ali Zardari

World Environment Day: Climate disasters displace millions in Pakistan: President

June 5, 2025
Image: ET

Weather updates for Karachi and other parts of country

June 5, 2025
See all

Prices

Solar panels installed at a Peshawar park to meet lighting needs. (Image: Dawn.com)
Business & Stock

Govt likely to impose 18% sales tax on solar panels in budget 2025-26

by MM News Staff
June 6, 2025

Pakistan is poised to introduce major changes to its taxation framework in the upcoming...

Karachi consumers get Rs2.99/unit relief, power rates hiked elsewhere

June 5, 2025
(File)

Gold price increases Rs4,300 per tola

June 5, 2025
(Representational Image)

Will govt scrap solar net metering in budget 2025-26?

June 5, 2025
See all

Transport News

Lack of adequate public transportation facilities in Karachi has made rickshaws a popular transport.
Top News

Sindh govt bans four-seat rickshaws in Karachi

by MM News Staff
June 6, 2025

The Sindh government on Friday banned four-seater rickshaws in Karachi, while a decision has...

Air Karachi granted regular public transport license

June 5, 2025
(Representational Image, Credit: ProPakistani)

How to apply for Punjab electric taxi scheme

June 4, 2025
file photo

Govt rolls back fare hike for Islamabad bus services

June 4, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Thought Box
  • Showbiz
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.