Pakistan and Iran have signed an agreement for supply of gas from the Islamic republic through the $7.5-billion pipeline to be completed by the end of 2014.
The agreement was signed by National Iranian Oil Company managing director S.R. Kasaezadeh and Pakistan’s petroleum joint secretary Irshad Kaleemi on Friday. The
cost for the Pakistani section of the pipeline is estimated at $1.65 billion. Under the gas sale and purchase agreement, Pakistan will import 750 million cubic feet a day of gas. The imported gas will be about 20 per cent of Pakistan’s current gas production and the agreement is valid for a period of 25 years and renewable for another five years. —PTI