First vessel of Saudi oil reaches Karachi port

Saudi Arabia has begun supplying oil on deferred payments to Pakistan as the first vessel carrying Arab Light Crude Oil cargo berthed at Karachi Port on Saturday. "The first vessel M.T. Quetta arrived under the financing facility has berthed at Karachi Port today," according to a statement. Saudi Arabia had announced last year in October an economic assistance package for Pakistan, including a three-year oil on deferred payments facility.
"Pakistan will start receiving monthly oil supplies worth $275 million from Saudi Arabia with effect from July 1," the Saudi Embassy had said in a statement earlier this month. It said these supplies will continue over the next three years with a total value of $9.9 billion. "The package expresses the keenness of the Saudi leadership to support the Pakistani economy for achieving financial stability and help the government to overcome the economic challenges and put the comprehensive development in Pakistan, and to emphasise the depth of relations between the two brotherly countries and peoples," the statement reads.