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Sunday, March 4, 2012

Iran to provide oil and credit to Pakistan for gas pipeline

Sunday, 04 Mar 2012

Bloomberg cited Mr Asim Hussain Pakistan’s minister for petroleum and natural resources as saying that Iran has offered to provide 80,000 barrels of crude oil per day to neighboring Pakistan on three month payment terms.

Mr Hussain said that Iran has also agreed to provide USD 250 million in credit to the country for completing USD 1.3 billion pipeline that will carry natural gas from Iran.

Pakistan which is going ahead with a bilateral gas pipeline with Iran despite the US pressure said that Tehran has agreed to provide USD 250 million for the project and export 80,000 barrels of crude oil a year to this country.

Mr Hussain told a Parliamentary committee that Pakistan had sought USD 500 million for the pipeline but Iran agreed to provide only USD 250 million. Iran had agreed to export 80,000 barrels of crude oil a year to Pakistan.

He said that a Pakistani delegation would visit Tehran in mid March to discuss and finalize details related to the project. The tender for building the pipeline would be issued next week.

Despite pressure from the US not to go ahead with the pipeline following sanctions on Iran by Western powers, Pakistani leaders, including President Mr Asif Ali Zardari had said they were committed to the project as it was necessary to meet the country's burgeoning energy needs.

(Sourced from Bloomberg)

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