Azerbaijan, Baku, Nov. 9 / Trend F.Milad/
Iran has stopped its oil exports to Pakistan due to the fact that the Karachi refinery has failed to open L/C because of the U.S. and EU sanctions on Iran, the Mehr news agency reported.
The Pakistan Refinery Limited has a long-term contract for the import of 12,000 barrels per day light crude oil from Iran. However, due to current US/ European Union sanctions on Iran, the refinery is facing difficulties in opening L/C, therefore, they are not importing crude oil from Iran since November 2010, Daily Times reported.
Federal Minister for Petroleum and Natural Resources Dr Asim Hussain clarified that there was no restriction on Pakistan about the import of oil from Iran. He admitted that there were some banks (related to US) that were reluctant to open LCs for oil import.
Second thing for stopping of the Iranian oil import is that it is not compatible with oil available in Pakistan, he said, adding that there was a single refinery in Karachi which refined Iranian crude oil, and it had been closed due to some technical reasons.