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Saudi Arabia has agreed to resume Pakistan’s oil aid of at least $ 1.5bn annually in July, according to Islamabad officials, while Riyadh is working to fight Iran’s influence in the region.
Riyadh demands Pakistan pay $ 3bn debt last year Islamabad forces Saudi Arabia to criticize India The special role of Kashmir.
But the long-running feud between the two allies ended after Imran Khan, the Prime Minister, met with Prince Crown Prince Mohammed bin Salman in May.
The issue of Pakistan’s oil deal comes as Saudi Arabia holds talks with the US and Qatar against Iran, experts say. Riyadh spent three years in Qatar in January when experts said it was trying to discriminate against newcomers Joe Biden.
Pakistan moved closer to Saudi Arabia’s enemies Iran and Turkey, which, along with Malaysia, has tried to establish a Muslim group to oppose the Organization of Islamic Cooperation under Saudi rule.
Khan has formed strong ties with President Recep Tayyip Erdogan, encouraging Pakistanis to watch old Turkish TV Released Ertugrul (Ertugrul’s Resurrection) in the display of Islamic beliefs.
Ali Shihabi, a Saudi commentator who knows the ideology of the leadership, said “bad blood” had gathered between Riyadh and Islamabad, but recent inter-party meetings “calmed down” and re-established ties until oil prices resumed soon.
A Pakistani government official said: “Our alliance with Saudi Arabia has returned [a downturn] kale. Saudi Arabia’s aid will come through a repatriation period [on oil] and the Saudis want to resume their mission in Pakistan. ”
The delivery to Saudi Arabia is less than half of the previous $ 3.4bn oil rigs, which were suspended when relations deteriorated.
But Fahad Rauf, chief marketing officer at Ismail Iqbal Securities in Karachi, said: “Any money is worth it because from time to time we are facing accounting problems. With these prices above $ 70 barrels everything helps.”
Pakistan’s foreign exchange reserves exceeded $ 16bn in June compared to approximately $ 7bn in 2019 before its entry6Fn IMF programme.
Robin Mills at Qamar Energy Hospital said: “Saudi Arabia and Pakistan are close, but their relationship is always stable. And the relationship between Pakistan and Iran is better than you can imagine.”
Mills said the time the Saudi did this was “exciting” as Iran was planning to raise exports from the US and the US with a view to downsizing.
“The Saudis are in the process of building a bridge in particular. They are looking to repair the walls with the US and there is a resumption of relations with Qatar,” he said.
Ahmed Rashid, author of the books on Afghanistan, Pakistan and the Taliban, said there were a number of factors that may have prompted Riyadh to reopen its oil fields.
It could be “a little connected to America lack of foundation“Establishing anti-Pakistan terrorists from Pakistan, he said, but added that its importance was to protect Islamabad from being taken over by Tehran.
Rashid said Pakistan was caught in the middle of China, which has spent billions of dollars on construction projects, by the US.
“Pakistan has to play carefully, it depends on China on the Belt and Road, relying on western credit,” Rashi said. “It’s a very difficult game.”
Anjli Raval in London and Simeon Kerr in Dubai
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