Pakistan to pay fine in case of delay in pipeline completion

Pakistan to pay fine in case of delay in pipeline completion

Azerbaijan, Baku, Mar.11/ Trend F.Milad

Pakistan will pay fine equal to one million dollars per day if it fails to complete the Iran-Pakistan pipeline in time.

The pipeline is scheduled to come on stream by the end of 2014, the Fars News Agency reported.

Iranian President Mahmoud Ahmadinejad and his Pakistani counterpart Asif Ali Zardari inaugurated the pipeline near the border on Monday.

Iran's president said the deal is historic as it defies efforts by foreign powers to dominate the region.

Ahmadinejad also expressed hope that the pipeline will reach eastern Pakistan and will extend further in that direction.

Iran plans to extend its 7th cross-country pipeline from Southwestern port city of Assaluyeh to the southeastern city of Iranshahr, and from there to the Pakistan border.

By extending the pipeline Iran can also supply gas to its eastern provinces.

An Iranian contractor will lay some 780 kilometers of pipeline in the Pakistan soil in 22 months, he said.

Iran and Pakistan have devised a plan to finance the gas pipeline on Pakistan's side without the need for Islamabad to transfer funds to Tehran.

Based on the agreement, Tehran will grant a $500-million loan to Tehran-based Tadbir Energy Development Group, which is responsible for laying a pipeline in Pakistan under the multi-billion-dollar project.

In the first phase, Iran will lend 250 million dollars and extend the assistance later to 500 million dollars.

Pakistan will pay back Iran's $500-million loan after peace pipeline's inauguration.

The Iran-Pakistan gas pipeline, projected to cost 1.2-1.5 billion dollars, would enable the export of 21.5 million cubic meters of Iranian natural gas to Pakistan on a daily basis.

Iran has already constructed more than 900 kilometers of the pipeline on its soil.

The United States has warned that the project could violate anti-Iran sanctions.

But Iran says the pipeline shows that the country has overcome the sanctions. Iran has almost completed its side of the project.

Now companies from both countries will undertake the construction of the remaining segment in Pakistan.

Turkey's exports to OIC countries on the rise
Turkey's exports to OIC countries on the rise
Uzbekistan, Tajikistan talk opening ground checkpoints
Uzbekistan, Tajikistan talk opening ground checkpoints
Iran interior minister arrived in Tajikistan for bilateral talk
Iran interior minister arrived in Tajikistan for bilateral talk
Loading Bars
Latest
COVAX initiative becoming irrelevant: injustice and inequality
Revenues from state insurance payments in Azerbaijan increases - minister
Slovenian Railways wants to boost co-op with Azerbaijan in passenger transportation
Kazakhstan’s Air Astana company resuming flights to Georgia
Turkmenistan interested in developing projects with IOM, using digital technologies
Brent prices to reach $80/bbl by 2Q22 even with OPEC+’s output back to 2019 level
Saudi Arabia to end its voluntary oil production cut
Israel eyes scaling up co-op with Uzbekistan to save Aral Sea
Кazakh Electricity Grid Operating Company opens tender to buy construction materials
Azerbaijan reveals latest data on sales through Azexport portal
Uzbek-Korean JV to buy spare parts for emergency diesel generator via tender
Brent price still vulnerable to any disappointments around global vaccinations
Iran issues data on necessary commodities released from its customs
Pakistani military delegation in Azerbaijan on official visit
Turkey's revenues from exporting cars to Israel down
Turkey reveals number of ships received at Gemlik port in Jan. 2021
Turkey's exports to OIC countries on the rise
Azerbaijani currency rates for March 3
Accreditation of national media for F1 Azerbaijan Grand Prix 2021 begins
Iran's Fereydonkenar Port joins Caspian Sea transportation network
Number of coronavirus cases in Uzbekistan passes 80,000
Oil rises on demand hopes after days of sell-off
Bulgarian companies could participate in recovery projects in Azerbaijan's liberated lands - Ambassador (INTERVIEW)
Finance minister Sunak to promise 'whatever it takes' in new COVID budget plan
Turkish auto sales grow 24.2% in February
Kyrgyzstan introduces temporary ban on export of oil products
EIB, European Council presidents open new EU premises in Georgia
Iran ready to export medical technologies to Syria
Hungary interested in including Azerbaijani gas in country's future energy mix - ambassador (INTERVIEW)
ExxonMobil to cut 7% of its workforce in Singapore
2021 Emmy Awards to be held in September
Ireland to re-establish diplomatic presence in Iran
Azerbaijan to contribute to development of CE work on organizing AI security
Biden takes steps to help Merck boost Johnson & Johnson COVID-19 vaccine supply
US Department of Commerce blacklists 14 entities in Russia, Germany, Switzerland
Chinese embassy opposes Indian media's allegation on cyberattacks
OPEC sees positive oil market outlook, continued downside risks
Iran's CBI discloses number and value of exchanged checks
Italian Parliament demands provision of maps of mined areas of Azerbaijan (PHOTO)
AZAL Announces Conditions for Rebooking Tickets for Flights Canceled due to COVID-19 Pandemic
Singapore's manufacturing PMI falls to 50.5 in February
Promise to provide countries with necessary vaccines within COVAX initiative is not fulfilled - State Agency of Medical Insurance
Parliament head to support all joint efforts for new constitution
Georgian President appreciates EU support
Macron to hold phone talk with Iranian counterpart over JCPOA
OECD recommends Georgia to support land registration reform for increasing FDI-SME linkages
Turkmenistan reveals schedule of intercity buses
Azerbaijan's State Tax Service registers Fuzuli Airport LLC
Azerbaijan felt Turkey's support not only during Karabakh war but throughout history - Minister
Int’l Model Non-Aligned Movement Simulation Exercise underway - Azerbaijan Foreign Ministry
Azerbaijan, Germany interested in increasing mutual trade turnover - Deputy minister
Iran's Energy Exchange announces products to be on sale on March 3
Azerbaijani State Agency of Automobile Roads talks about repair and construction on roads
Azerbaijani Finance Ministry places medium-term bonds at auction
Azerbaijan shows footage from Ucbulag village of Fuzuli district (PHOTO/VIDEO)
Georgia to receive first doses of COVID-19 vaccine via Covax platform in February
Irrigation systems to be put into operation in Iran’s agricultural sector
Azerbaijani Defense Ministry shares updated list of martyred servicemen in Second Karabakh War
Larization of loans increase in Georgia
Georgian AgroZone products to be exported abroad from Kutaisi Airport
Turkish specialists together with Azerbaijan’s AzTV to shoot film in Nagorno-Karabakh region
Ro-Pax ferry vessel commissioned by Azerbaijan's president - video report
Azerbaijani winemakers’ production down in 2020
Azerbaijan, Tajikistan discuss development of tourism co-op
Georgia’s banking sector begins year with profit
France uses only quarter of Astrazeneca vaccine doses
Uzbek-Korean JV to buy spare parts for electric actuator via tender
Kazakhstan identifies priority tasks to develop agriculture by 2025
Georgian Ministry of Finance sees decrease in mobilized income tax
Likelihood of interest rate decrease in Azerbaijan for 2021 seems minimal - Unicapital
Azerbaijan's AzNET segment neutralizes more phishing attacks in Jan.2021
Azerbaijan's new borrowings not to raise debt burden - Gazprombank
Azerbaijan studying Turkey's experience to strengthen institution of primary health care (PHOTO)
Uzbekistan, Azerbaijan talk big potential for co-op in agriculture
Hertz set to ride out of bankruptcy with $4.2 billion from investment firms
Money transfers via int'l payment systems down in Kazakhstan
Azercell obtains yet another award on customer experience management
German companies may take part in restoring Azerbaijan's liberated lands - ambassador
Excavation of well in Iran's Ahvaz oil field launched
Uzbekistan considers resuming air communication with Russia
Bahar Azadi gold coin price again falling in Iran
Kazakhstan, Georgia resume mutual flights as COVID-19 restrictions lifted
Uzbekistan eyes expanding mutually beneficial relations with foreign partners
Azerbaijan and Germany to continue co-op on improving qualifications of managers
Generation data of Iran's Shahid Rajaee TPP announced
Lithuania supports subsidizing renewable energy projects in Georgia
Demand for pick-up trucks in Azerbaijan may increase - expert
Kazakhstan boosts agriculture output, sets up tasks for sector's dev't
Turkey issues Jan. 2021 data on passenger traffic at Istanbul Airport
Azerbaijani company discloses output of primary aluminum
Spain's jobless hit four million for first time in five years as pandemic curbs bite
Volume of exports from Iran's Qom Province increases
S.Korean oil company holding exploration on land plots in Uzbekistan
EU executive says joint vaccine strategy not unravelling
Azerbaijan, Germany discuss expanding cooperation in oil & gas sector
Azerbaijani business environment entering recovery period - Minister of Economy
Iran's awaits action from US over JCPOA
Indonesia says identifies two cases of British COVID-19 variant
Europe – Iran held business forum to expand trade
Uzbek-Russian JV completes geological exploration at Akchalak investment block
All news