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Iran to give 30,000 barrels oil/day on deferred payment

By Ijaz Kakakhel

ISLAMABAD: Pakistan and Iran have entered an arrangement under which Iran would provide 30,000 barrel crude oil per day to Pakistan on 90-day deferred payment, a well-placed source in the Ministry of Petroleum confided to Daily Times here on Tuesday.

At present, Iran is providing Pakistan 10,000 barrel crude oil per day on 30-day deferred payment to help Pakistan meet its energy needs.

The facility would be available to Pakistan at a time when the country’s foreign exchange reserves are under severe pressure.

Pakistan Refinery Limited (PRL) is the only refinery, which would refine the Iranian crude oil. “With the passage of time when import of Iranian crude oil is increased, the refining capacity of the PRL and other companies would need enhancement,” source maintained.

Adviser to the Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain on Tuesday said Pakistan was vigorously pursuing Iran – Pakistan – India (IPI) gas pipeline project to meet the growing energy demands. The advisor expressed these views during a meeting with Iranian Ambassador in Pakistan Mashallah Shakari.

The two sides expressed satisfaction with the progress in IPI gas pipeline project and maintained that its early implementation would also serve to strengthen and expand the economic and trade relations among the regional countries.

Pakistan’s delegation, led by Dr Asim Hussain, would visit Tehran on 29 December 2008 to sort out the issue of price revision in the signing of GSPA of the IPI project. It merits mentioning here that President Asif Ali Zardari also instructed the Ministry of Petroleum to speed up work on the IPI gas pipeline project.

Talking to the Iranian Ambassador, the advisor said that IPI is an important component of Pakistan’s long-term energy plan and the government is therefore fully committed to complete the project as early as possible.

The adviser said Pakistan and Iran have a long history of friendship and enjoy excellent brotherly relations in diversified fields, which were growing and s strengthening with the passage of time.

Asim said that oil and gas co-operation between the two countries would further open up new vistas for their mutual advantage. He invited Iranian investors to avail the investment opportunities in Pakistan’s oil and gas sector.

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