(RTTNews) - As the relations between India and Pakistan touched the nadir following the Mumbai terror attacks, Islamabad has offered to Tehran that it could buy New Delhi's share of gas from the proposed $7.5 billion India-Pakistan-Iran (IPI) pipeline project involving the three countries, media reports said Thursday.

A team of energy experts led by Pakistan's adviser to the Prime Minister on Petroleum and Natural Resources, Asim Hussain, will travel to IranDecember 29 to discuss the proposal.

During its two-day visit, the delegation will try to persuade its Iranian counterpart to sign an agreement to transfer the Indian share of gas to Pakistan in the next few months claiming that New Delhi has apparently lost interest in the venture after signing the nuclear deal with the U.S.

However, Tehran still wants New Delhi to be part of the project to "counter growing U.S. influence on its old ally in the energy sector".

Indian market higher in early trade

(RTTNews) - Friday, the Indian market is trading firm on reports that that the government is likely to announce a second stimulus package in the next few days to lift slowing growth. Stocks across the sectors are trading in positive territory. Realty, oil/gas stocks such as Reliance Petroleum, BPCL & HPCL and metal stocks are rising sharply.

According to the commerce and industry minister Kamal Nath, the package may include steps to ease liquidity and relief measures for export and housing sectors. More measures to maintain the growth momentum in employment generating sectors like textiles, steels and pharmaceuticals are also expected to be announced.

However, the market is showing volatility on account of profit taking due to weekend considerations. Investors await inflation data scheduled to be released this afternoon. The index of wholesale inflation for the week ended December 13 is expected to have fallen to a fresh nine-month low of 6.61% from 6.84% a week earlier.

Euro Advances Against Dollar

(RTTNews) - In early trading on Friday, the European currency strengthened to 1.4060 against the US dollar. On the upside, 1.4126 is seen as the next target level for the euro-dollar pair. The European and US markets were closed yesterday for Christmas holiday. The pair closed Wednesday's New York session at 1.4014.

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