Chief Editor: Ansar Mahmood Bhatti

Azerbaijan offers an open credit line for petroleum products

ISLAMABAD, OCT 12 (DNA) – Pakistan gets an offer from the friendly country for an open credit line for petroleum products.Pakistan is offered by Azerbaijan to attain an open credit line worth $100 million for the purchase of petroleum related goods, without any superior guarantees.

According to report, a senior government official said at present the offer proposed by Azerbaijan will be a helping hand to Pakistan.

Previously, immense pressure is being built on the government related to balance of payments & falling foreign exchange reserves, for which it is decided that Pakistan will soon originate talks over a bailout package with the International Monetary Fund (IMF).

At present, the key oil suppliers to Pakistan are Saudi Arabia, United Arab Emirates (UAE) and Kuwait. Furthermore, if the deal with Azerbaijan gets confirmed, it will eventually diminish the unnecessary reliance on the existing key partners.

From Pakistan, Pakistan State Oil (PSO)is nominated and Azerbaijan has designated state-owned Socar for signing this commercial deal.