Pakistan, Islamabad: State Bank of Pakistan (SBP) has refused to pay $ 45 million to an Iranian firm for procurement of 13 heavy power transformers.
Purchase of the power transformers was aimed at coping with ongoing tripping problems in the supply of electricity and also as an upgrade the old transmission system, reports Daily Times.
Following the decision of SBP, purchase of power transformers has now been put on hold. Iranian firm has successfully manufactured these transformers for Pakistan but the procurement has so far been held in abeyance only because of US sanctions on Iran.
The Water and Power Ministry has so far recommended to the Finance Ministry to make the payment to Iran through a bilateral mechanism of barter trade of the two neighbouring countries.
Source: Daily Times