$1b Oil pact signed with Saudi Arabia

Staff Report

ISLAMABAD: Pakistan and the Kingdom of Saudi Arabia (KSA) on Thursday signed an agreement to finance oil deriva-tives worth $1 billion.
The agreement was inked by Secretary Economic Affairs Dr Kazem Niaz, and Chief Executive Officer (CEO) of the Saudi Fund for Development Sultan bin Abdulrahman Al-Murshed, an Economic Affairs Ministry news release said.
Dr Kazem Niaz, on the occasion, said the step was an extension of previously signed agreements in 2019 and 2021 val-ued at $4.44 billion to finance oil derivatives in Pakistan.
Since its establishment, he said, the Saudi Fund for Development had supported more than 40 projects and pro-grammes in different development sectors valued at approximately $1.4 billion.
All the programmes were aimed at helping the country achieve its sustainable development goals and build a prosper-ous future, he added.
Saudi Fund for Development CEO Sultan bin Abdulrahman Al-Murshed said the agreement emphasised the Kingdom of Saudi Arabia’s commitment to continue supporting the brotherly Islamic Republic of Pakistan.

The agreement also reflected the interest of “our leaders in supporting the Government of Pakistan to navigate eco-nomic challenges and build a sustainable economy”, he added.

“I am pleased to convey to you the greetings and wishes of the Government of Saudi Arabia for a continuous pro-gress, growth, and prosperity in Pakistan.”