Thaindian News

Islamabad, Jan 30 (IANS) India intends to keep importing oil from Iran and it appears that Indians, and even Chinese, will explore paying Tehran “with gold, the Japanese yen or even in part with their own national currencies”, said a Pakistani daily.

An editorial in the News International Monday said that the US wants Pakistan to drop the Iran-Pakistan gas pipeline project altogether.

“It has stepped up efforts to lobby Pakistan to abandon not only the IP gas pipeline project but also liquefied natural gas purchases from its western neighbour in return for cheaper gas from the US,” the editorial added.

Earlier this month, US President Barack Obama signed into law new sanctions against Iran, a measure that also penalises foreign financial institutions that do business with Iran’s central bank, “as Pakistan will have to if it buys gas”.

The editorial said: “On its part, India intends to keep importing oil from Iran.”

“It draws some 12 percent of all its foreign crude from Iran, the second biggest exporter after Saudi Arabia. Moreover, as international sanctions tighten around corporations doing business with Iran, it appears the Indians, and even the Chinese, will explore paying Iran with gold, the Japanese yen or even in part with their own national currencies.”

It went on to say that many are calling this another episode of the post-American world, “with regional powers attempting to unhinge bilateral trade ties off the US dollar and the euro”.

The editorial said that Pakistan needs to draw a very clear distinction between UN sanctions and those imposed by the US.

“Pakistan is bearing heavy losses due to the energy crisis and needs to go ahead and explore all its options. It cannot be bullied into giving up on its own interests,” it added.