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Islamabad [Pakistan]Dec. 21 (ANI): Pakistan plans to buy oil and gas from Iran, but wants it in such a way as to evade sanctions from the US and other Western countries.
According to the Al Arabiya Post, a Middle Eastern digital media outlet, the Pakistani government generally believes that if they can trade oil and gas from Russia, another country subject to US sanctions, then the deal may not do any harm. Also from Iran. Iran is also offering a better oil supply deal. Iran even offers wheat, meat and rice as payment for exports.
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The Al Arabiya Post post quoted a statement from National Iranian Gas Company CEO Majid Chegeni. He announced that he would start negotiations on the sale of oil to Pakistan. Furthermore, these discussions progressed on May 26, this year when Pakistani Foreign Minister Bilawal Bhutto met with Iranian Foreign Minister Hussein Amir Abdulahian on the sidelines of the World Economic Forum in Davos. The Iranian ambassador to Pakistan, Mohammad Ali Hosseini, also mentioned the same proposal.
Pakistan’s oil industry reckons there is a route to buy cheaper Iranian oil and avoid U.S. sanctions. Due to the current shortage of oil in Pakistan. When Iran recently offered oil and gas worth 2 million euros as part of humanitarian aid to flood victims, Pakistan was keen to accept the offer, Arab Post reported. The only question is how to avoid being sanctioned.
Although the Pakistani Ministry of Foreign Affairs emphasized that this oil purchase must not involve any state-owned entities in Pakistan. Because any financial transaction related to Iranian oil will attract the attention of the United States and the Secretary-General of the United Nations.
Logistical arrangements for the transportation of oil and gas products should be strictly done through Pakistan Petroleum Corporation only. According to the Al Arabiya Post, the National Iranian Tanker Company should not be used for these transactions.
Earlier, Pakistan was likely to buy liquefied petroleum gas (LPG) from Tehran ahead of the 21st meeting of the Pakistan-Islamic Joint Economic Council (JEC) scheduled for August 16-19 in Islamabad.
“Both parties have emphasized their commitment to an early resolution of the IP projects under the GSPA and agreed to take the necessary steps,” the source said, sharing details of the Bayi gas pipeline.
The 21st session of the Bahrain Joint Economic Committee (JEC) will consider the Bahrain Gas Pipeline issue, joint projects between OGDCL, National Oil Refinery (NIOC) and outstanding issues between NTDC, CPPA-G and Iran Tavanir Corporation, In addition to facilitating barter and payment mechanisms.
However, due to US sanctions, no cooperation has been possible so far.
In addition, WAPDA and TAVANIR also signed a 30-year 32 MW power contract agreement on November 6, 2002 to meet the needs of the Markland Division of Balochistan, and TAVANIR expressed interest in supplying power to other border areas. For some reason, the rate per kWh is revised from time to time and a memorandum of understanding was signed on April 8, 2007 to import 1,000 kW of electricity from Zahedan in Iran to Quetta in Pakistan, sources said.
It is worth noting that during the visit of the Pakistani Prime Minister to Iran in April 2019, both parties agreed to involve the legal teams of both parties in finding a legal solution for the implementation of the project. Accordingly, the parties signed Amendment No. 3 to the Iran-Pakistan Gas Sales and Purchase Agreement (IP-GSPA) with NIOC on September 5, 2019 in Istanbul, Turkey. (Arnie)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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