Islamabad: Pakistan has reportedly stopped importing crude oil from Iran following the US and UN sanctions.
Sources privy to the development claimed that the Pakistani banks were not opening Letter of Credits (LCs) for importing crude oil from Iran due to the U.S. and United Nation’s sanctions on Iran.
Though there is no officials confirmation of the development, but the sources asserted following the refusal of banks to open LCs,crude oil import from Iran has been stopped.
“Pakistan was importing 65,000 ton crude oil from Iran,” the sources said.
on the other hand, the sources said that Pakistan was considering to import petroleum products from India.
They said that Indian had on Wednesday offered Pakistan to lay supply line it it provide long term guarantee to import the products from India. India has excess refining capacity and is exporting petrol and diesel and other petroleum products to various countries of the world including Europe.
“We proposed exporting petroleum products and petrol to Pakistan. They have shown interest. We will work out the details in the next few weeks,” petroleum minister S. Jaipal Reddy said after meeting Pakistan’s oil minister Asim Hussain.
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