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Follow the money trail... Pakistan requests Iran for oil on deferred payment

ISLAMABAD:: Pakistan Friday requested Iran to help to meet its growing energy crisis by giving oil on deferred payment. The request was made by Foreign Minister Shah Mahmood Qureshi during talks with his Iranian counterpart Manouchehr Mottaki.

Talking to newsmen jointly after the meeting, Foreign Minister Shah Mahmood Qureshi said Iran’s has already a system of three month deferred payment but Pakistan has requested to increase this time period.

He said his counterpart has agreed to take up the issue with his government and the cabinet for increasing the time limit for the deferred payment.

Qureshi said Iran-Pakistan-India (IPI) pipeline project was of strategic significance and as it has been agreed between in a meeting of President of Pakistan and Iran in New York last month, it has been again stressed that it should be on fast track for the economic benefit of the two countries.

The Foreign Minister said Pakistan is committed to the IPI project and would go ahead even the third party did not join it at initial stages. He however appreciated India’s decision to join the project.

He stressed that Pakistan wants that pipeline project should be initiated bilaterally between Pakistan and Iran while India could join afterwards whenever it so desires.

The Minister said both the countries also agreed to establish a Joint Financing Company for the IPI project.

Referring to the outstanding issues relating to IPI, the Foreign Minister said out of the five issues, four have been resolved while the fifth issue relating to pricing of the gas being sorted out and it would be settled soon.

The Minister said both the countries also agreed to enhance people-to-people relations between the two countries and called for more exchanges between the parliamentarians of Pakistan and Iran and decided to further strengthen infrastructure facilities.