First vessel carrying crude oil under SFD berths at Karachi Port

  • Jul 20, 2019
  • Business Recorder

ISLAMABAD: First vessel M.T. Quetta, carrying Arab Light Crude Oil cargo for Pak-Arab Oil Refinery Company (PARCO) berthed at Karachi Port on Saturday.

‘The first vessel M.T. Quetta arrived under SFD Financing facility has berthed at Karachi Port on July, 20, at 1710 hours,” a finance ministry press release here said.

It may be mentioned that Pakistan and Saudi Arabia had inked a financing agreement for the import of petroleum products, crude oil and liquefied natural gas (LNG) during the visit of Saudi Crown Prince to Islamabad earlier this year.

Under the agreement, the Pak-Arab Refinery Company (PARCO) and the National Refinery Limited (NRL) would procure crude oil from the Saudi Aramco Product Trading Company.

Similarly, the Pakistan State Oil (PSO) and the Pakistan LNG Limited (PLL) would procure petroleum products and LNG from the Saudi company respectively.