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Chinese Companies Asked to Finance Iran-Pakistan Gas Pipeline

Source: www.gulfoilandgas.com 8/29/2011, Location: Asia

Chinese companies should help Pakistan complete Iran-Pakistan gas pipeline project, the head of Pakistan Economy Watch (PEW), Morteza Mughal said.

He went on to say that, the government is looking for foreign funds to complete the pipeline project, Iran's SHANA news agency reported.

Pakistan should also raise part of the finances through domestic funding for which banks can make a consortium, he suggested.

Further delay can prove suicidal for a country facing a shortfall of around 2.22 million cubic feet a day, he warned. Pakistani local state-owned companies will provide about $210 million for the construction of the Pakistani side of the pipeline, acting managing director of Inter State Gas System Ltd., Mobin Saulat 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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