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FINANCIAL NEWS
Saudi to supply Pakistan with USD15b bailout
24 May 2013
(MENAFN) It’s estimated that Pakistan will receive up to USD15 billion bailout from Saudi Arabia, reported Arabian Business.
This bailout’s aim is to help Pakistan’s energy sector.
The Gulf state would supply the country with crude and furnace oil and receive several divided payments in order to help it with its debt situation.
According to the deal, Saudi would supply Pakistan with 100,000 barrels crude oil and 15,000 tons of furnace oil, and the payment would be set for three years.
It’s worth noting that during the period of 1998-2002, Saudi Arabia made the same deal with Pakistan and supplied it with oil for around USD3.5 billion.
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