Azerbaijan , Baku, Feb. 18 / Trend, A.Yusifzade /
Roughly $1 billion should be invested to continue the 7th nationwide natural gas pipeline construction for natural gas export from Iran to Pakistan, Mehr reported quoting the Managing Director of Iran Gas Engineering and Development Company, Ali Reza Gharibi as saying.
According to Gharibi, Iran aims to use internal finance and domestic banks loans to continue the 7th nationwide natural gas pipeline construction.
According to IRIB, the agreement for export of Iran's natural gas to Pakistan was inked by the representatives of Iran and Pakistan on May 28, 2010. Based on this agreement, the first phase of delivery of natural gas to Pakistan has been planned for the end of the year 2014, and on this basis, Pakistan will receive 750 million cubic feet (over 21 million cubic meters) of natural gas from Iran on a daily basis, for 25 years.
Meanwhile, following the termination of the duration of this contract, it can be extended for another five years, if necessary.
Natural gas will be exported from Iran's South Pars Gas Field to southern Pakistan provinces of Baluchestan and Sind.
Earlier Iran's Ambassador to Islamabad Mashallah Shakeri saidthatIran is building 1,100 km long 56 inch diameter gas pipeline from its South Pars Gas field to the Iran-Pakistan border in Baluchistan.
"Iran is awaiting completion of the project on the Pakistani side so that Tehran undertakes supply of gas," Shakeri added.
The Iran-Pakistan gas pipeline project is likely to be functional in around two years. For Iran it will cost $2 billion while Pakistan will spend $1.5 billion to build its side of the project, FNA reported.