Iran oil on deferred payment sought

ISLAMABAD - Pakistan has sought the supply of crude oil from Iran on deferred payments basis to help ease the intense pressure on economy because of balance of payments crisis.

Foreign Minister Shah Mahmood Qureshi revealed this during a joint press conference here on Friday with his Iranian counterpart, Manouchehr Mottaki, after their meeting at the Foreign Office. Earlier, the Iranian Foreign Minister also met the Prime Minister Syed Yousuf Raza Gilani.

Foreign Minister Qureshi told the journalists that Iran had assured that it would sympathetically consider Pakistan’s request for the oil supply on deferred payments.

He said, “If it is done it will be a facility that Pakistan can avail and that will certainly help stabilise the economic situation and definitely ease the balance of payments within Pakistan.”

He said that under the Iranian law crude oil could be imported on a deferred payment for a maximum of three months period but the Iranian Foreign Minister had said the Iranian government would consider extending it further.

Foreign Minister Qureshi said that Iran had also expressed its willingness to provide 1000 megawatts of electricity to Pakistan to mitigate the energy deficiency. Iranian Foreign Minister said that Iran would stand by Pakistan in this difficult time for closer cooperation in the field of energy. He said besides the gas pipeline project, Iran would also establish power plants in Pakistan to overcome its energy problem.