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RIYADH: The International Islamic Trade Finance Corp. has signed a $513 million syndicated Murabaha financing facility with Pakistan to fund vital oil and gas imports, bolstering the country’s energy sector.

This deal marks ITFC’s largest syndicated financing for the South Asian country in the past three years, with the final amount raised being more than double the initial target, highlighting strong investor interest and confidence, the Emirates News Agency, or WAM, reported.

This latest financing aligns with ITFC’s commitment to delivering effective, Shariah-compliant trade solutions that meet the pressing needs of its member countries.

This also corresponds with projections from Apex Solar, which expect Pakistan’s energy storage market to expand at a compound annual growth rate of 22 percent in 2025.

The newly released WAM statement said: “The proceeds of the financing will be used for the import of crude oil, petroleum products, and liquefied natural gas to meet Pakistan’s energy needs.”

It added: “By supporting Pakistan’s energy sector, the facility contributes to broader goals of economic stability, sustainable development, and enhanced trade integration across the Organization of Islamic Cooperation region.”

In addition, Pakistan’s climate change minister reaffirmed the country’s commitment to launching its first national carbon market, following talks with an UN-supported initiative aimed at implementing policy guidelines introduced in 2024.

Federal Minister for Climate Change and Environmental Coordination Musadik Malik hosted a delegation from the Supporting Preparedness for Article 6 Cooperation initiative, which is overseen by the UN Environment Program.

The five-year undertaking is supporting Pakistan, Colombia, Thailand, and Zambia in developing the capacity to trade carbon credits under Article 6 of the Paris climate accord.

SPAR6C’s work in Pakistan includes technical assistance, student training, and pilot activities to help the country develop robust standards for carbon trading.

Malik explained that the South Asian country is committed to building a robust, transparent, and inclusive carbon market, adding that deeper cooperation with international partners and the domestic private sector will be key to delivering on the country’s climate goals, according to a statement released by his office.

Pakistan ranks among the world’s most climate-vulnerable countries, facing frequent floods and heatwaves, yet it contributes only a fraction of global greenhouse gas emissions.

The nation has set a goal of generating 60 percent of its electricity from renewable sources by 2030 and cutting projected carbon emissions by 50 percent.

LONDON : Oil prices fell on Tuesday after US President Donald Trump’s lengthy 50-day deadline for Russia to end the Ukraine war and avoid sanctions eased immediate supply concerns.

Brent crude futures fell 12 cents, or 0.2 percent, to $69.09 a barrel by 09:10 a.m. Saudi time, while US West Texas Intermediate crude futures fell 16 cents, also 0.2 percent, to $66.82. Both contracts settled more than $1 lower in the previous session.

“Trump’s milder stance on sanctions over Russian oil eased fears of a supply crunch while his tariff plan continues to mount economic pressures,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Oil prices had climbed on the potential sanctions, but later gave up their gains as the 50-day deadline raised hopes that sanctions could be avoided, and traders dwelled on whether the US would actually impose steep tariffs on countries continuing to trade with Russia.

If Trump does follow through and the proposed sanctions are implemented, “it would drastically change the outlook for the oil market,” analysts at ING said in a note on Tuesday.

“China, India and Turkiye are the largest buyers of Russian crude oil. They would need to weigh the benefits of buying discounted Russian crude oil against the cost of their exports to the US,” the ING note said.

Trump announced new weapons for Ukraine on Monday, and had said on Saturday he would impose a 30 percent tariff on most imports from the European Union and Mexico from August 1, adding to similar warnings for other countries.

Tariffs risk slowing down economic growth, which could sap global fuel demand and drag oil prices lower.

China’s economy slowed in the second quarter, data showed on Tuesday, with markets bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low.

Tony Sycamore, an analyst at IG, said economic growth in China came in above consensus, largely due to strong fiscal support and the front-loading of production and exports for the US to beat tariffs.

“Economic data released today was concerning. Today’s tepid Chinese data has direct implications for commodities including iron ore and crude oil,” he said.

Elsewhere, oil demand is set to stay “very strong” through the third quarter, keeping the market balanced in the near term, the Organization of Petroleum Exporting Countries’ secretary general said, according to a Russian media report.