IP pipeline: Approval needed for funding appeal

The official said most of the sanctions, except a few in specific cases, had been withdrawn

ISLAMABAD: The petroleum and natural resources ministry is awaiting approval of the Central Development Working Party (CDWP) and Executive Committee of the National Economic Council (ECNEC to apply for foreign funding to lay pipeline on Pakistani side under the Iran-Pakistan (IP) gas pipeline project after the lifting of international sanctions on Iran. “To formally apply for financing as Buyer’s Credit, as per procedure, the PC-I of the project needs to be approved by the CDWP and ECNEC. The PC-I has been submitted by the ministry and approval of the same is awaited,” a senior official of the ministry told APP on Sunday. Following the lifting of the sanctions against Iran, he said, the foreign ministry is of the view that by and large, most of the sanctions, except a few in specific cases, had been withdrawn. Whereas, the remaining restrictions pertained mainly to nuclear and arms related transactions and entities, he added.

Published in The Express Tribune, April 4^th,  2016.