Pakistan gets $4.5 billion to import LNG, Oil

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The Jeddah-based Islamic Trade Finance Corporation (ITFC) has offered Pakistan with $4.5 billion worth of three-year trade facility to secure import cost of crude, petroleum products and LNG.
According to the details a formal financing framework agreement on the arrangement would be signed soon.
As per the Dawn report, this trade financing arrangement is in addition to about $531 million already signed by Ministry of Economic Affairs with Saudi Fund for Development (SFD) for project financing of Mohmand dam, a couple of coal-based projects besides a few hydropower projects including two in Azad Kashmir.
The ITFC’s financing would be utilized over three years (2021-23) by Pak-Arab Refinery Ltd (Parco), Pakistan State Oil (PSO) and Pakistan LNG Ltd (PLL) for import of crude oil, refined petroleum pro­ducts and LNG and help augment the country’s foreign currency reserves and provide resources to meet the oil import bill.

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