ISLAMABAD, APR 17 (DNA): Kuwait has extended its oil credit facility to Pakistan for another two years, offering crucial support for the country’s energy needs and economic reforms.
The decision was confirmed during a meeting between Petroleum Minister Ali Pervaiz Malik and Kuwaiti Ambassador Nassar Abdulrahman J Almutairi in Islamabad on Wednesday, The News reported.
Minister Malik welcomed the extension and expressed gratitude for Kuwait’s continued support, saying that the assistance from Kuwait and other friendly nations has been vital to Pakistan’s economic reforms.
The Kuwaiti envoy confirmed that Kuwait Petroleum Corporation has extended the oil credit facility, which is provided to Pakistan State Oil (PSO), by another two years.
The facility allows Pakistan to import oil from Kuwait on deferred payment terms — easing the immediate financial pressure on the country’s economy.
While the credit facility was previously renewed annually, the two-year extension represents a significant boost to the long-standing energy partnership.
Pakistan imports around two million tons of oil annually from Kuwait, making the Gulf state a key supplier of energy to the country.
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