Pakistan has signed a $1.1bn loan agreement with International Islamic Trade Finance Corporation (ITFC), the government said on February 24. The country will use the capital to import oil, LNG and refined petroleum products.  

State-owned Pakistan State Oil, Pak-Arab Refinery and Pakistan LNG will utilise the funds to import crude oil, refined petroleum products and LNG during 2021, the government said. “This will be helpful to augment foreign currency reserves of the country and provide resources to meet the oil import bill,” it said. Pakistan LNG bought an LNG cargo from Qatar Petroleum for April delivery following a tender earlier in the month at just over 10% of Dated Brent.

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According to local media reports, demand for oil and gas in Pakistan has been recovering as economic activities inch towards normalcy. The South Asian nation, which started importing LNG in 2015, has two operational floating import terminals, both in Port Qasim near Karachi.