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Pakistan to Borrow $300 Million to Fund IP Gas Pipeline

Source: www.gulfoilandgas.com 8/17/2011, Location: Asia

Pakistan plans to borrow $300 million from local banks to build Pakistani side of the Iran-Pakistan gas pipeline that will carry natural gas from Iran, acting managing director of Inter State Gas System Ltd., Mobin Saulat said.

He went on to say that, Pakistani local state-owned companies would provide about $210 million for the construction of the Pakistani side of the pipeline, Iran's SHANA news agency reported.

"Pakistan may approach foreign companies including Gazprom, International Petroleum Investment Co. and China National Petroleum Corp. for the rest of the financing", he said.

Pakistan will construct a 700km-long pipeline from its border while Iran would build a 300km long stretch of the pipeline from Iranshahr to the Pakistani border.

It's worth mentioning that by endorsement of the contract between two countries (Iran and Pakistan) Iran is responsible for natural gas export to Pakistan from 2014 in amount of 21/5 million cubic meters daily, and 7/8 billion cubic meters annually.

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