Move to Buy Iranian Oil Under Study After End of Mideast War
Federal Minister for Petroleum Ali Pervez Malik said on Sunday that Pakistan was considering purchasing cheap oil and gas from Iran following the end of Iran-US war and the end of restrictions on Tehran.
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Speaking to the media in Lahore, the minister said petroleum product prices had touched Rs460 per litre in April at the height of Iran-US conflict, but global prices had since come down significantly.
Washington and Tehran signed the “Islamabad Memorandum of Understanding” in Burgenstock, Switzerland, Read More : US, Iran Reach Preliminary Agreement to End War, Signing Set for Friday on June 17, largely mediated by Pakistan. Under the deal, the United States undertook to immediately issue sanctions waivers through the Treasury Department for the export of Iranian crude oil, petroleum products and derivatives, along with all related services, including banking transactions, insurance and transportation, until sanctions are terminated.
Malik said Prime Minister Shehbaz Sharif had immediately passed the benefit on to the public, adding that the relief provided to consumers was even greater than the reduction seen in global markets. “We gave the people more benefits than what the international market offered,” he said.
The minister said the government had made significant reductions in petrol and diesel prices, adding that every single Pakistani had gone through a difficult period. “Difficult times last only for a little while — thank God, that time has passed and better days are coming,” he said.
He said the government remained active on further reductions in petroleum prices and would bring them down further as global markets normalised, while staying within the framework of existing international agreements. He dismissed reports of misleading information being spread about petroleum prices, saying certain elements were trying to confuse the public on the matter.
On oil companies, he said no formal letter had been received from them but that their representatives had met him and shared their concerns which, he said, he had listened to.
Malik said he had installed cameras at his own textile mills to ensure transparency and address concerns of the Federal Board of Revenue. He also called for installation of cameras at ginning factories. He also announced that RLNG connections, which had been suspended, would be restored soon.
In a related development, Federal Minister for National Food Security and Research Rana Tanveer Hussain on Sunday said Pakistan would consider purchasing oil from Iran once the sanctions imposed on the country were lifted, adding that an end to the recent conflict would contribute positively to Pakistan’s economic outlook.
Talking to the media in Islamabad, the minister said the end of the conflict would help place Pakistan’s economy on the path of improvement. He said Israel was moving towards destruction and claimed that its downfall was inevitable.
Rana Tanveer Hussain maintained that Israel was becoming increasingly isolated internationally and said even the United States and the European Union were distancing themselves from Israel.
He added that the repercussions of the conflict between the United States and Iran would continue to affect the region and the global economy for the next two years.
The federal minister said Pakistan would review the possibility of importing oil from Iran once American sanctions on Tehran were removed. He also added that India was financially supporting Fitna al-Khawarij, while asserting that Pakistani security forces were carrying out effective operations against Indian proxies.
Commenting on the country’s political situation, Rana Tanveer Hussain said if Pakistan Tehreek-e-Insaf behaved as a genuine political party, dialogue with it could take place at every level. He added that any political force sincere to the nation and its people should embrace the spirit of the Charter of Democracy.
Criticising the chief minister of Khyber Pakhtunkhwa, the minister said he should first make predictions regarding his own leader before commenting on the prime minister.
Source: www.thenews.pk
