Islamabad: The Inter State Gas Systems (ISGS) and the National Iranian Gas Company (NIGC) have signed a revised agreement with regard to the completion of the Iran-Pakistan (IP) gas pipeline project, a news source reported. Under the new arrangements, both countries have agreed to complete the construction work on the project by 2024.
As per officials, Pakistan will be able to purchase 75 million cubic feet of gas from Iran on a daily basis – following the pipeline’s completion. The 2775-kilometre-long pipeline will transport natural gas from Iran to Pakistan. It will supply gas from the South Pars field and will be Iran’s third cross-country gas pipeline project.
As per reports, the terms of the agreement prohibit Iran from seeking international arbitration in case of delays in completion of the project from Pakistan’s side. Moreover, Islamabad will not be liable to pay any fines in any such case.
In March 2013, the officials concerned had commenced with the construction work on Pakistan’s section of the pipeline project – with the completion expected within 22 months. But the construction work had to be halted owing to international sanctions imposed by the United States (US), Canada, the United Kingdom (UK), the European Union (EU), and the United Nations (UN) on Iran.
