Pakistan, ITFC sign agreement worth $386m for import of oil, LNG.

ISLAMABAD -- Pakistan and International Islamic Trade Finance Corporation (ITFC) on Monday has signed agreement amounting $386 million for the import of oil and LNG.

The signing of financing agreement amounting to $386 million with the International Islamic Trade Finance Corporation (ITFC), a subsidiary of Islamic Development Bank (IsDB) Group, for import of oil and LNG was held in Economic Affairs Division. This facility will be utilised by Pakistan State Oil Company Limited (PSOL), Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited (PLL). The Agreement was signed among the Economic Affairs Division and ITFC and the representatives of PSO, PARCO and Pakistan LNG Limited.

The financing Agreement provides trade financing amounting to $386 million for a period of one year for import of oil and LNG. ITFC has agreed to provide trade financing of $1.2 billion during the year 2020 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited. It may be recalled that this facility is a part of Framework Agreement signed with ITFC in April 2018 for a total envelop of $4.5 billion over for a period of three years (2018-2020).

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Signing of this financing facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country. This agreement also reflects...