$1.5bn per year Saudi oil facility available now: Pak govt

ISLAMABAD: The government on Monday announced the availability of $1.5 billion Saudi oil facility per annum and approval of the principles for national electricity policy with consensus by the Council of Common Interests (CCI).

Speaking at a joint news conference with Energy Minister Hammad Azhar, Special Assistant to the Prime Minister (SAPM) on Revenue and Finance Dr Waqar Masood Khan said that announcement had been made for $1.5bn per annum oil supplies from Saudi Arabia on deferred payments.

However, he declined to talk further about details of the oil facility and the reasons behind its reduction from $3bn originally agreed about three years ago which could not be effectively implemented amid cracks in bilateral relations.

The SAPM said the government had made very realistic estimates about collection of Rs610bn petroleum levy during the next fiscal year even though some critics were terming it unrealistic and claimed the levy would have to be increased to Rs25 from Rs4-5 per litre at present.