Saudi Arabia Offers LNG and Fund to Supply Petroleum Products to Pakistan

Pakistan has reportedly been offered liquified natural gas (LNG) by Saudi Arabia on a commercial basis, in addition to initiating an agreement between the Saudi Fund for Development (SFD) and the government of Pakistan for the funding and supply of crude oil and petroleum products. This offer has come in draft minutes ahead of the upcoming meeting of the Joint Working Group under the auspices of the Saudi-Pakistan Supreme Coordination Council (SPSCC). As per the draft minutes, both sides agreed to pursue and activate the agreement on the financing and supply of crude oil and petroleum products to Pakistan, signed between the SFD and the government of Pakistan. Moreover, both sides are to discuss the extension of the financing agreement between the SFD and the government of Pakistan; the provision of supplies of crude oil and petroleum products to Pakistan; and the supply of LNG to Pakistan on a commercial basis, as per the draft. Additionally, the SFD expressed a willingness to finance development projects in Pakistan in the energy sector, industry, mineral resources, and infrastructure to be implemented by Saudi companies. The Saudi Fund also showed interest in viewing the national development plan of Pakistan as well as the priorities of the government for development for the next two years, assessing the possibility of financing major development projects.