3:35 pm - Tuesday December 12, 2017

Iran says Pak must fund own share of gas pipeline

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Pak admits Iran gas pipeline project cannot go ahead unless US sanctions issue resolved
Pak admits Iran gas pipeline project cannot go ahead unless US sanctions issue resolved

Islamabad – Iran’s deputy oil minister has reportedly said that Pakistan must fund its own pipeline allowing it as from the Islamic republic.

Ali Majedi’s comments follow Pakistan’s Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi’s demand from Iran to shell out 2 billion dollars to finish the construction of the pipeline.

According to Daily Times, the 7.5 billion dollar project launched in 2010 has drawn threats of US sanctions and run into repeated problems, including major financing issues.

Majedi said that Iran has not made any commitment to help Pakistan with 2 billion dollars for the construction of the pipeline, adding that each side must bring in its own share for the work.

He further said that Pakistanis need Iran’s gas and they should accelerate their work.

Construction on the Iranian side of the border is almost complete, but Pakistan has run into repeated problems financing the 780-kilometre section to be built on its side.

The investors and other governments are reluctant to get involved in the project because of the threat of breaching international sanctions against Iran.

The project aims to ease Pakistan’s chronic gas and electricity shortages would allow Iran to export 21 million cubic metres of gas per day, the report added.

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