Pakistan secures $4.5bn loan for LNG, oil imports
Pakistan has signed a three-year $4.5bn loan agreement with Saudi Arabia-based International Islamic Trade Finance Corporation (ITFC), the government said on June 28. The country will use the capital to import oil, LNG, urea and refined petroleum products.
State-owned Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG will utilise the funds to import crude oil, refined petroleum products, urea and LNG during 2021-2023, the government said.
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The framework agreement was signed virtually by ITFC CEO Hani Salem Sonbol and Noor Ahmed, secretary in Pakistan’s ministry of economic affairs.
“We are delighted and we will continue to mobilise financial resources to support Pakistan in its endeavours to achieve its economic targets through the new framework agreement,” Sonbol said.
Pakistan had signed a similar loan agreement with ITFC in February this year.