Islamabad, June 5 (ANI): With no country or company willing to take part in a project that the U.S. opposes, Tehran has offered to lay the entire Iran-Pakistan (IP) gas pipeline project.
Pakistan has forwarded investment proposals to China and Russia, but no major progress has been made due to U.S. pressure.
According to The Express Tribune, the project, if completed, will supply 750 million cubic feet gas per day of gas to the energy deficit country.
The U.S. has warned Pakistan and companies assisting the project of possible sanctions if they go ahead.
State-owned National Bank of Pakistan (NBP) and Oil and Gas Development Company Limited (OGDC) backed out from the project last year. NBP feared branch closures in different countries while OGDC backed off after U.S.-based investors threatened to withdraw its shares from the company if it associated itself with the project.
In March this year, the world's largest bank Industrial and Commercial Bank of China Limited (ICBC) after agreeing to finance Pakistan's side of the pipeline backed out after succumbing to U.S. pressure.
With a decline in supply of Iranian oil in the world market following ban imposed by US and European Union, Tehran has offered to provide all the oil Pakistan needs on a 90-day deferred payment.
"Iran has confirmed financing of 250 million dollars on government-to-government basis and also expressed willingness to seek more finance from Iranian commercial banks," a government official said quoting recent development made in Iran during negotiations between officials of both the countries.
Pakistan seeks financing of over 500 million dollars from Iran to finance IP gas pipeline project. Modalities will be finalised during upcoming talks between the two countries scheduled in Islamabad.
"Pakistan is going to woo China again to help out with its finance constraints during the upcoming visit of President Asif Ali Zardari," official said. (ANI)
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