ISLAMABAD - Pakistan and Saudi Arabia are likely to finalise the vital agreement on extension of 'oil credit facility' to Islamabad on one year deferred payments, as the Foreign Minister Shah Mehmood Qureshi left for Jeddah Monday to take up the important issue with Saudi leadership. "The oil credit facility on deferred payments for one year, if provided by Saudi Arabia , will extend a foreign exchange cushion of nearly 6 billion dollars to Pakistan , which is confronting the grave economic crisis of its history," said an official here desiring not to be named. He said the Foreign Minister, who also holds the portfolio of Petroleum Minister, would discuss and finalise the agreement between Islamabad and Riyadh on provision of oil on deferred payments during his talks with his counterparts from Saudi foreign and oil ministries. According to official, Pakistan is also seeking the supply of oil without interest rates from Saudi Arabia along with extension of oil on deferred payments. He said that presently Pakistan imported oil from Saudi Arabia on 30 days credit facility. He said that earlier Pakistan had asked the Saudi leadership to restore the former Special Oil Facility (SOF) under which Pakistan got free oil after the 1998 nuclear tests facing tough economic sanctions. The SOF was later converted into the credit facility, the official said. The request for the SOF was made during the recent visit of Prime Minister Syed Yousuf Raza Gilani to Saudi Arabia , the official said adding that it was still very much there but it was believed that it would be asking for too much. Another official when contacted said that Pakistan was also likely to extend 500 million dollars in grant by Saudi Arabia to offset the negative impact of higher oil prices. He said that the grant by Riyadh would help improve Pakistan 's foreign exchange reserves position and reduce its fiscal deficit.