Iran may resume supplies of crude oil to Pakistan for the first time since letters of credit (L/Cs) became unavailable for such trades.

Reports suggest that Iran will sell Pakistan 80,000 barrels per day (bpd) of crude oil on a three-month deferred payment plan.

L/C withdrawal

A government official told the energy information provider, Platts, that Pakistan will soon finalise details with Iran on the new contract.

Pakistan was buying 45,000 bpd of crude oil from Iran until international sanctions stemmed the flow of L/Cs for trade with Iran.

Gas plans

Iran may also provide US$250 million of finance towards the Iran-Pakistan gas pipeline project.

The 900 km pipeline will pump gas from Iran's massive South Pars gas field to Pakistan, which has said it will press ahead with the project despite the vast range of international sanctions imposed on Iran.

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