ISLAMABAD - Pakistan has sought the supply of crude oil from Iran on deferred payments basis to help ease the intense pressure on economy because of balance of payments crisis. Foreign Minister Shah Mahmood Qureshi revealed this during a joint press conference here on Friday with his Iranian counterpart, Manouchehr Mottaki, after their meeting at the Foreign Office. Earlier, the Iranian Foreign Minister also met the Prime Minister Syed Yousuf Raza Gilani. Foreign Minister Qureshi told the journalists that Iran had assured that it would sympathetically consider Pakistan's request for the oil supply on deferred payments. He said, "If it is done it will be a facility that Pakistan can avail and that will certainly help stabilise the economic situation and definitely ease the balance of payments within Pakistan." He said that under the Iranian law crude oil could be imported on a deferred payment for a maximum of three months period but the Iranian Foreign Minister had said the Iranian government would consider extending it further. Foreign Minister Qureshi said that Iran had also expressed its willingness to provide 1000 megawatts of electricity to Pakistan to mitigate the energy deficiency. Iranian Foreign Minister said that Iran would stand by Pakistan in this difficult time for closer cooperation in the field of energy. He said besides the gas pipeline project, Iran would also establish power plants in Pakistan to overcome its energy problem. Pakistan is also seeking a similar concession from Saudi Arabia to overcome the grave economic crisis, however, it is still waiting for this arrangement with Riyadh to begin. During their high-level talks on Friday, Pakistan and Iran also agreed to finalize the gas pipeline project at the earliest time to meet the energy requirements of Pakistan. Foreign Minister Qureshi said both the countries had agreed to undertake this important gas pipeline project bilaterally for enhancing cooperation and promoting growth in the region. He said that many of the outstanding issues related to the project had been resolved while the remaining would be addressed in the forthcoming meetings. Mottaki said the two sides were committed to the project and would not allow any person or group to sabotage it. Foreign Minister Qureshi also said Pakistan was committed to the IPI project and would go ahead even the third party did not join it at initial stages. He however appreciated India's decision to join the project. Qureshi said that they discussed steps for promoting trade and economic ties between the two countries. He said that he would soon visit Tehran to hold further negotiations on the situation in Afghanistan. Answering a query, the Iranian Foreign Minister condemned the recent acts of terrorism in Pakistan and said those were aimed at targeting stability and security of the neighborly fraternal country. He asked for addressing the root causes of such happenings. APP adds: Prime Minister Syed Yousuf Raza Gilani Friday said Iran-Pakistan-India (IPI) pipeline project was of strategic significance and stressed fast track progress on it for the economic benefit of the two countries. Talking to Foreign Minister of Iran Manouchehr Mottaki, he welcomed President Ahmedinejad's desire in his meeting with President Zardari to proceed with the project on fast track basis. He emphasized that Pakistan wants the pipeline project to be initiate bilaterally between Pakistan and Iran while India could join afterwards whenever it so desires. The two sides, he said, should work earnestly for the early establishment of the Joint Financing Company for the IPI project. All outstanding issues must be resolved quickly and the Gas Sales and Purchase Agreement (GSPA) signed as early as possible. Talking about the existing economic relations between the two countries he regretted that despite the existence of institutional framework, bilateral economic and trade relations have remained far below their true potential. He said the bilateral trade has not touched $ one billion mark and the overall cooperation in other economic fields was not commensurate with the warmth in political relations. Iranian Foreign Minister extended invitation of Iranian President to the Prime Minister to visit Iran. He also invited him on behalf of first Vice President of Iran, Pervaiz Davoodi to visit Iranian province of Gilan.