KARACHI: The first Saudi oil tanker carrying a shipment of light crude oil for Pakistan on deferred payments to the country, docked at Karachi harbor’s Oil Pier-1 on Saturday evening, officials said.
Last October, Saudi Arabia announced a $6 billion financial assistance package for Pakistan to help support its balance of payments crisis. Saudi Arabia deposited $3 billion directly with Pakistan while another one-year deferred payment facility of up to $3 billion for oil imports was agreed on, according to a memorandum of understanding signed by both countries.
“The MT Quetta carrying Arab Light crude has arrived at Karachi port from Saudi Arabia,” Mahmood Moulvi, adviser at the Maritime Affairs Ministry, told Arab News on Sunday.
“Under deferred payment facility, Pakistan will receive oil worth $275 million every month,” he said, and added that the oil tanker was owned by the Pakistan National Shipping Corporation.
For its first shipment, the MT Quetta has carried 58,118 metric tons of oil for the Pak-Arab Refinery (PARCO).
Saudi Arabia’s deferred payment facility for oil imports to Pakistan came into effect on July 1st under which the country will receive $9.6 billion worth of oil from the kingdom over a period of three years.
Furthermore, Saudi Arabia has pledged to invest $21 billion into Pakistan which includes the construction of a modern oil refining facility and petrochemical complex in the southwestern Balochistan province.
Though Pakistan has sought financial support from friendly countries including Saudi Arabia, UAE and China since the new government of Prime Minister Imran Khan came to power last year, mounting economic headwinds forced Khan’s government to turn to the International Monetary Fund.
Earlier this month, Pakistan secured the approval of a $6 billion bailout loan from the fund which has come with stringent reform conditions attached, primarily tough austerity measures.
Just as important as the package itself, the approval also unlocks an additional $38 billion from Pakistan’s international partners over the program period.
Following the approval of the loan program, last week Pakistan raised its key policy interest rates by 100 points to 13.25 percent, an eight-year high, due mainly to inflationary pressures and the impact of recent increases in utility prices.
Since the signing of the IMF deal, there has been a sharp drop in the value of the Pakistani rupee after the country’s central bank agreed to a flexible, market-determined exchange rate, a condition of the loan accord.
First tanker from Saudi Arabia carrying oil on deferred payments docks at Karachi port
First tanker from Saudi Arabia carrying oil on deferred payments docks at Karachi port
- MT Quetta discharges first shipment of 58,118 metric tonnes of oil under agreed payment facility
- For three years, Pakistan will receive $9.6 billion worth of oil from Saudi Arabia
Pakistan Air Force conducts successful test of air-launched cruise missile
- The indigenously developed ‘Taimoor’ missile has a range of 600 kilometers and carries a conventional warhead
- The missile is designed to fly at low altitudes, which enables it to evade hostile air, missile defense systems
ISLAMABAD: The Pakistan Air Force (PAF) has successfully conducted a test of an air-launched cruise missile, ‘Taimoor,’ the Pakistani military said on Saturday, marking another significant milestone in advancement of national aerospace and defense capabilities.
The indigenously developed Taimoor weapon system is capable of engaging enemy land and sea targets with high precision. The missile has a range of 600 kilometers and carries a conventional warhead.
The missile test comes months after a brief but intense military conflict between Pakistan and India in which the nuclear-armed neighbors exchanged missile and artillery fire and deployed drones and fighter jets.
Equipped with state-of-the-art navigation and guidance system, Taimoor is designed to fly at very low altitudes, enabling it to effectively evade hostile air and missile defense systems.
“Its precision-strike capability significantly enhances the conventional deterrence and operational flexibility of Pakistan Air Force, further strengthening the country’s overall defense posture,” said the Inter-Services Public Relations (ISPR), the military’s media wing.
“The successful flight test underscores the technical maturity, innovation and self-reliance achieved by Pakistan’s defense industry.”
The missile’s launch was witnessed by senior officers of the armed forces along with distinguished scientists and engineers, who played a pivotal role in the development of this advanced weapon system.
PAF’s Air Chief Marshal Zaheer Ahmed Baber Sidhu congratulated the scientists, engineers and the entire PAF team on this remarkable achievement, lauding their professional excellence, dedication and unwavering commitment to strengthening Pakistan’s defense capabilities.
“The air chief reaffirmed that such accomplishments are a testament to the nation’s resolve to achieve technological self-sufficiency and maintain a credible conventional deterrent in the evolving regional security environment,” the ISPR said.
“The successful test of the Taimoor weapon system reflects Pakistan Air Force’s continued pursuit of operational readiness, technological superiority and national security objectives.”
Pakistan has placed greater emphasis on battle readiness in recent months. On Dec. 15, Pakistan Navy test-fired surface-to-air missile in the northern Arabian Sea.
Prior to that, Chief of Defense Forces Field Marshal Asim Munir visited frontline garrisons of Gujranwala and Sialkot to observe a field training exercise involving tanks and drones, where he had highlighted the importance of technological adaptability, saying modern warfare required agility, precision, situational awareness and rapid decision-making.
