Iran looking forward to Pakistan’s proposal for completion of IP gas pipeline
Baku, Azerbaijan, May 24
By Fatih Karimov - Trend:
Iran is looking forward to Pakistan's proposal for the completion of Iran-Pakistan (IP) gas pipeline.
Iranian Deputy Oil Minister for Trade and International Affairs Ali Majedi said that Pakistani Federal Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi is expected to send a letter to his Iranian counterpart Bijan Namdar Zanganeh in this regard, Iran's Fars news agency reported on May 24.
The multi-billion-dollar pipeline is projected to carry natural gas from Iran to its Eastern neighbor.
Majedi reiterated that Tehran and Islamabad were resolutely engaged in political efforts for the implementation of the pipeline project.
Iran and Pakistan sealed a contract in March to export 21.5 million cubic meters of Iranian gas to Pakistan, through 1,600 km-long pipeline.
Iran's offered $500 million credit, equals the one third of the total costs of Pakistani sector pipeline, but project hasn't started yet despite this.
At the same time, Iran has completed about 900 km (or 75 percent) of the pipeline on its territory. According to the contract, Iranian gas was planned to be delivered to Pakistan during 2014.
Iran has already finished a major part of its section of the pipeline, and will finish it completely when Pakistan starts working on its section.
Iran has also offered financial and technical support to Pakistan for construction of its part of the pipeline.