IRAN PAKISTAN $ 7.4 BILLION GAS PIPELINE FINALIZED IN TEHRAN WITHOUT INDIAN PARTICIPATION IRAN NEWS HEADLINES
DUBAI NEWS HEADLINES: - The Iran and Pakistan $7.4 billion gas pipeline project contract was finalised in Tehran today, without the participation of India, who happens to be the third partner in the project. The two parties also reached an agreement on those sentences the legal advisors had already split, it said. Pakistan and Iran have agreed to revise the pricing formula of the gas pipeline project in 2015, paving the way to seal what is being described as a landmark deal. The technical points would be studied by the engineering groups from thetwo sides' according to a timetable, making way for the signing of the contract by the two states' heads and contracting companies. Pakistan's Secretary of Ministry of Petroleum and Natural Resources Farrukh Qayyum said Islamabad gave first priority to import gas from Iran, adding Islamabad "preferred to meet its gas need through Iran and would study other options in next stages." Given the growth of domestic economy and the development of local industries, the demand for gas has considerably risen in Pakistan during the recent years," he said adding that the Pakistani government would be studying the gas imports from Qatar and Turkmenistan after it has first finalised the peace pipeline with Iran. A high-powered Pakistani delegation, headed by Qayyum, visited Tehran on Tuesday after getting authorisation from the government to seal the gas sales purchase agreement (GSPA) with the Iranian authorities. Iranian oil minister's special envoy for peace pipeline talks Hojjatollah Ghanimifard said the text of the gas contract was finalised and the two parties reached an agreement on all cases the legal experts had outlined.
