Kuwait has extended its oil credit facility to Pakistan for an unprecedented two years, marking a deepening of bilateral cooperation in the energy sector. The announcement was made during a meeting between Kuwaiti Ambassador Nassar Abdulrahman J Almutairi and Pakistan's Federal Minister for Petroleum Ali Pervaiz Malik in Islamabad on Wednesday. According to a statement from the Petroleum Division, this is the first time Kuwait has granted Pakistan a two-year extension, as the facility has traditionally been renewed on an annual basis. Minister Malik thanked Kuwait for its continued support, describing the gesture as a timely boost to Pakistan’s energy security and economic resilience. He also appreciated the "special accommodations" made by Kuwait in recognition of Pakistan’s evolving needs. Ambassador Almutairi reaffirmed Kuwait’s commitment to expanding economic and energy ties with Pakistan, expressing confidence in the country’s current growth trajectory. Discussions during the meeting also explored new investment opportunities in Pakistan’s petroleum sector. The extended oil credit facility is expected to ease pressure on Pakistan’s foreign exchange reserves, which have remained under strain due to high energy import costs. In February, Saudi Arabia extended a $1.2 billion oil financing facility through the Saudi Fund for Development (SFD) for another year. Since 2019, the SFD has provided around $6.7 billion to Pakistan for the import of oil derivatives.
from Pakistan News, Latest News Pakistan, Pakistan Headline | The Express Tribune https://ift.tt/ekTgHy5
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