Islamabad, Dec. 13 (ANI): Iran has backed out of the Iran-Pakistan (IP) gas pipeline project 500 million dollars financing deal amid threats of possible sanctions by the United States.
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said that the Iranian oil minister stated that the country was being unable to provide financing, as they previously offered in two tranches of 250 million dollars each, to lay Pakistan's portion of the gas pipeline, the Express Tribune reports.
According to the report, the compressor equipment required could be provided by only two companies, and would not be available due to sanctions against Iran.
However, Abbasi said that Pakistan is committed to make the IP gas pipeline and that the Iranian side has also assured they were ready to provide gas to the pipeline, once completed. (ANI)
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