UAE, ITFC deals: Govt likely to get $4.7 bn in oil, LNG credit facilities

ISLAMABAD: Pakistan is likely to grab $4.7 billion in credit facilities for oil and liquefied natural gas (LNG) imports from the United Arab Emirates (UAE) and a financial instrument with the gulf nation’s deal expected to be concluded during an Emirati prince’s visit to the country on Sunday (tomorrow), senior officials said on Friday.The officials said Abu Dhabi’s Crown Prince Muhammad bin Zayed Al Nahyan is scheduled to visit Pakistan on January 6 and he would announce $3.2 billion in oil credit facility. Besides, the Jeddah-based International Islamic Trade Finance Corporation (ITFC) is also expected to give $1.5 billion in annual credit facility to Pakistan for the LNG import.“Negotiations with Abu Dhabi have matured, and during this visit, the crown prince would announce $3.2 billion oil credit facility for Pakistan on the same line what the Saudi Arabia had announced recently,” a top official told this scribe, requesting anonymity.

from The News International - Top Story http://bit.ly/2BZrHlz