Islamabad, Jun.4 (ANI): Pakistan and Iran have finalised all formalities regarding the gas pipeline, and the ground work on the project would start soon following a survey, Pakistan Petroleum and Natural Resources Minister Syed Naveed Qamar Shah has said.
Responding to a question in the National Assembly regarding the progress made on the much publicised pipeline project, Shah said once completed, Pakistan would receive 750 million cubic feet of natural gas per day from Iran, The Daily Times reports.
Shah also informed the house that the project would be of great help to address the massive power shortage in the country, as 5,000 megawatts of electricity is likely to be produced utilising the gas from the pipeline, which has been termed the ‘peace pipeline.’
Out of the total 7.6 billion dollars which would be incurred on the project, Pakistan expects to spend 1.65 billion dollars.
Earlier, the said pipeline was to be extended to India also, but it backed out of the project, as Pakistan refused to forego its demand for a hefty gas transit fee.
The IPI project was conceived in 1995 and after almost 13 years India finally decided to quit the project in 2008. (ANI)