Pakistan says it is studying an Iranian offer to supply the energy-starved Pakistani economy with 80,000 barrels of crude oil per day.
A Pakistani official Wednesday said Iran also offered to let Islamabad make deferred payments for the Iranian oil. The official said Pakistan will send a delegation to Iran in the middle of March to follow up on the proposal.
Pakistan has been trying to boost fuel imports to ease energy shortages that have crippled domestic industries. Iran also has been looking for new customers for its oil in response to a tightening of U.S. and EU sanctions on the Iranian economy. Oil is one of Iran’s top sources of foreign revenue.
Western powers have tightened their Iran sanctions in recent months to pressure Tehran into stopping sensitive nuclear activities they suspect are aimed at developing atomic weapons. Iran insists its nuclear program is peaceful.