The on-again-off-again Saudi oil program for Pakistan has finally come through. And it came with dessert; another $4BN in investment. During his latest visit to Riyadh, President Zardari met with King Abdullah and the two finally shook on it. The formal announcement will take place on the 17th of November at the “Friends of Pakistan” conference being held in Abu Dhabi.”
The Business Recorder has much more of the skinny, but other goodies are being expected at the FoP conference, including some announcements by the UAE, regarding investment in Pakistan. Iran has already agreed to provide payment deferral on oil imports by Pakistan.
Things seem to be headed in the right direction… More from Ye Old Biz Rec after the fold.
The Business Recorder reports:
RIYYADH (updated on: November 07, 2008, 20:51 PST): Saudi Arabia has agreed to give $4 billion to Pakistan and provide oil facility on one-year deferred payments, sources said.
During the meeting between King Abdullah bin Abdul Aziz and President Asif Ali Zardari, Saudi Arabia agreed to provide economic assistance and oil on one year deferred payment. Sources said a formal announcement in this regard will be made at the meeting of the ‘Friends of Pakistan’ to be held on November 17 at Abu Dhabi.
They said that Pakistan was aiming to accumulate $25 billion, which were being considered enough for bringing the economy back on track for the next 10 years. ‘Moreover, King Abdullah during the one-on-one meeting with Zardari has also agreed to provide oil to Pakistan on one-year deferred payments, for which the agreement is expected to be signed soon.