Pakistan Reiterates Commitment to Iran-Pakistan Pipeline
Pakistan's Economic Coordination Committee (ECC) has once again announced its commitment for the completion and implementation of Iran-Pakistan gas pipeline project.
Pakistan's Ministry of Petroleum and Natural Resources said in a statement on Thursday that during a meeting, ECC appointed financial consultants for Iran-Pakistan gas pipeline project and reaffirmed its commitment to go ahead with the giant project.
Chaired by Pakistani Federal Minister for Petroleum and Natural Resources Asim Hussain, the committee was held at the presence of Pakistan's Foreign Minister Hina Rabbani Khar, Chief Minister of Balochistan Nawab Mohammad Aslam Khan Raisani, Chairman of Pakistani Federal Board of Revenue, Chairman Board of Investment, Secretary Finance Division and several high ranking officials of Pakistan's Ministry of Petroleum and Natural Resources.
The participants presented their proposals on the government guarantees on the completion of the project, financial consultancy and gas-pricing formula during the meeting.
Asim Hussain attached importance on the major project saying it is essential for Pakistan to meet its energy needs and called for the cooperation of all relevant departments to complete the project.
The multi-billion-dollar Iran-Pakistan gas pipeline deal, which was signed in June 2010, aims to export a daily amount of 21.5 million cubic meters (or 8.7 billion cubic meters per year) of Iranian natural gas to Pakistan.
Maximum daily gas transfer capacity of the 56-inch pipeline which runs over 900 km of Iran's soil from Asalouyeh in Bushehr Province to the city of Iranshahr in Sistan and Baluchestan Province has been given at 110 million cubic meters.
The project was originally known as the Iran-Pakistan-India (IPI) pipeline project. Iran, India and Pakistan held tripartite negotiations over the project, which was also known as 'The Peace Pipeline.'
New Delhi finally left the trilateral talks over disagreements with Islamabad on issues such as the fee Pakistan would charge India for the gas transit.
In October 2007, Iran and Pakistan began a new round of talks in Tehran, where the details of the deal were finalized.
Iran ranks second in the world in natural gas resources after Russia with available gas reserves estimated at over 33 trillion cubic meters.
Source: Press TV