Pakistan likely to get oil worth $3.2bn on deferred payments from UAE

Pakistan likely to get oil worth $3.2bn on deferred payments from UAE

ISLAMABAD: Pakistan is likely to get oil worth $3.2 billion on deferred payments from the United Arab Emirates this month, a private news channel reported on Friday.
The news channel quoting sources within the Petroleum Division reported that Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan is expected to announce the facility for Pakistan during his visit to the country starting January 6.
The news channel reported that Pakistan is also likely to get $1.5 billion loan from Islamic Development Bank’s International Islamic Trade Finance Corporation (ITFC) for the import of liquefied natural gas (LNG) on deferred payment facility.
Currently, Pakistan is importing LNG worth $4.5 billion annually.
The news channel further reported that Pakistan, in collaboration with the UAE, is also starting construction of Parco Coastal Refinery in Balochistan worth over $5 billion.

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