'Pakistan to seek Russia's financial help for Iran-Pak gas pipeline project'

Islamabad, Mar 29 (ANI): Pakistan will seek Russia's financial help for the multi-billion dollars Iran-Pakistan Gas Pipeline Project.

The Nation quoted petroleum ministry sources in Pakistan, as saying that a Pakistan team would visit Moscow next week to discuss with Russian gas giant Gazprom prospects of securing funding and technical support for the project.

The move came after Gazprom expressed its interest in the project, saying that it was ready to join the IP gas pipeline project either as the pipeline operator or also participating in its construction.

The pipeline project, when initially mooted in 1994, had proposed to carry gas from Iran to Pakistan and India. But India eventually withdrew from talks over repeated disputes on prices and transit fees. The 900-kilometre (560-mile) pipeline is being built between Asalooyeh in southern Iran and Iranshahr near the border with Pakistan and will carry the gas from Iran's South Pars field.

The project set for completion in June 2014 aims at pumping an initial 11 billion cubic metres of Iranian gas per year to Pakistan.

Pakistan and Iran have stepped up efforts to materialise the project without further delay after pressure from the United States that it might impose gas sanctions on the proposed project in future.

By doing away with the US pressure, Islamabad has stepped up its efforts after the Russian company explicitly shown interest to join the IP gas pipeline project. (ANI)