Pakistan ready to import fuel from India if ‘price right’
The statement by visiting Pakistan petroleum minister, Asim Hussain, was the latest sign of warming ties between the nuclear-armed neighbours who have fought three wars since independence from Britain in 1947.
"If the right prices are given, we have no problems importing (diesel and jet fuel)," Hussain said on the sidelines of a petrochemical conference in the Indian capital, according to the Press Trust of India news agency.
India and Pakistan have been channelling their peace efforts into "trade diplomacy" in a bid to build enough trust to tackle thornier issues that divide them such as the disputed Himalayan territory of Kashmir.
While Pakistan has removed fuel imports from its list of goods that were banned from being imported from India, it allows import of diesel and jet fuel only by ship.
India, which has refineries across the border, is keen to take the road route to reach fuel-short Pakistan.
"I think a way could be found (to import via land) as import of (fuel) products is not banned," Hussain said, adding that a team from India's state-run Hindustan Petroleum Corp would soon visit Pakistan to discuss prices.
India in August lifted a ban on foreign investment from Pakistan except in defence, space and atomic energy in a step designed to build goodwill amid the renewed push for a peace settlement.
Pakistan has pledged to grant India "Most Favoured Nation (MFN)" status by year end, meaning Indian exports will be treated the same as those from other nations. India granted Pakistan MFN status in the mid-1990s.
Official bilateral trade is just $2.7 billion and heavily tilted in New Delhi's favour, according to the most recent figures, but unofficial trade routed through third countries is estimated at up to $10 billion.
India warily resumed a full peace dialogue with Pakistan early last year after suspending it following the 2008 attack by gunmen on Mumbai that killed 166 people.
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I would rather keep my fingers crossed till this really happens.... Many a slips between cup and the lips!!!! A too good news to believe at the very instant...
I think it's a question of refineries.
Crude oil costs the same in international market.
The question is who does the refining cheap : India or Pakistan. If India does it for cheap and can provide good quality diesel and jet fuel, Pakistan is better of buying from India. On the flip side, their refineries will suffer and people will lose jobs.
I think I am right. I don't understand economics that well.
It is good to open trade doors for both the nation our destiny lies with eachother. India and Pakistan should not dig their grave for inhuman interest both should be open for the betterment of the people of the their region
@Pinky
Absolutely right, they just invent new ways to say "no"
Umm... Dear Govt. of India can I also get petrol at right price? - Indian citizen
Depends on what the 'right price' means. Clearly the blow-hot blow-cold approach on fuel imports from India is because the 'right price' hasn't been provided by friends from the Ummah.
This will be one of the worst thing Pakistan will do, as india is our enemy and allies with israel.
This hindu india cannot be our friend even a 1%, everybody knows that they are scratching our back on daily bases. Bagaal main chouri mooh main ram ram.
Plz import from one of your fellow UMMAH nations. We are not interested in selling you any.
First Pakistan must grant MFN status to India.. It has pledged but not yet granted. Further, India current refining capacity is around 150 mtpa while it is implementing projects to take it to 270 mtpa by 2015, which makes it one of the largest in world. Its petro exports itself in 2011 was $70 billion. Its time pakistan reduce all barriers and allow oil imports at lower cost. However, I came to know that while india manufactures high quality Euro 3-4 standard, here in pak, we are not even Euro 0 compliant. Another addition to our hall of Shame.
Oh dear. Due to the credit rating of Pakistan will India want to supply fuel to Pakistan?
It is good that Pakistan is thinking of Importing Indian Refined Petroleum Products. . The question now arises that Pakistan has no money to buy Locomtive for Pakistan Railways. As such how is Pakistan going to pay for the Imported Refined Petroleum Products? . Cheers
April fool’s joke in October.
Pakistani industrialists use to increase prices and people use to suffer. As you buy from India, prices will be dropped and people will take benefit. Now Govt can control prices in Pakistani market and protect consumers interest.
Should not be issue. India is far ahead of Pak on economy.
The Petroleum Minister Asim Hussain got the first and the last chance to become a minister in the cabinet.
When petroleum products will be purchased at the 'right' price, it will be sold on more higher prices to earn more money from the common man.
One more way to extract money from the poor people of Pakistan.