Apr 08 2009 |
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Pakistani cabinet approves Iran's gas purchase formula: minister
Islamabad -- Pakistan's Cabinet Wednesday approved gas purchase formula from Iran and called for immediate steps to lay the pipeline, country's information minister said. The gas will be imported through Iran-Pakistan-India gas pipeline, also known as the IPI pipeline or the Peace pipeline.The proposed 2,775-kilometre (1,724 mile) pipeline will deliver natural gas from Iran to Pakistan and India. It is expected to cost 7.5 billion US dollars.
"The Federal cabinet approved a formula to purchase gas from Iran," Information Minister Qamar Zaman Kaira told a news conference after the cabinet meeting.
There had been differences over the price of the gas, but the long-stalled talks made a breakthrough in April, 2008 when Iranian President Mahmoud Ahmadinejad made visits to Pakistan and India.
The Pakistani minister said that the IPI is an important project and the cabinet approved it keeping in view the fast growing demand for energy .
Kaira said that Pakistan will import two billion cubic feet gas through the pipeline annually. He said that the cabinet called for steps to immediately lay the pipeline to fulfill the energy requirements.
He said that the Iranian gas will be used for power generation to reduce dependence on furnace oil.
The minister said that it seems India has separated from the IPI and Pakistan will go ahead with the project.
Kaira said that the Iranian gas will be a little bit more costly than the local gas but as it will be used for power generation to increase efficiency in electricity generation, it is worth the cost.
He said that the government is considering a long-term strategy and will also focus on natural resources in the country, adding that more local avenues will be explored for local energy resources. He also said the policies will reduce dependence on fuel import.
The pipeline is proposed to start from Iran's Asalouyeh gas field and to stretch over 1,100 kilometres through Iran. In Pakistan, it will pass through southwestern Baluchistan and southern Sind provinces.
The construction of the pipeline is likely to start this year and the it is expected to be completed in September, 2012.
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