Iran to give $250m for gas pipeline project: Petroleum minister

Dr Asim Hussain says Iran has also agreed to export 80,000 barrels of crude oil per year.

ISLAMABAD: Iran has agreed to export 80,000 barrels of crude oil per year to Pakistan and has also agreed to provide $250 million for the Iran-Pakistan gas pipeline project, revealed Minister for Petroleum and Natural Resources Dr Asim Hussain on Tuesday.

In a special parliamentary committee meeting, Hussain told the committee members that Pakistan had asked for $500 million but Iran agreed to only $250 million.

He added that a Pakistani delegation will visit Iran in mid-March in connection with the project. The delegation will finalise the deal.

The tender for the Pak-Iran gas pipeline will be issued on Monday or Tuesday, he further added.

The United States has been pressurising Pakistan to not go ahead with the deal because of its sanctions of Iran, however, Pakistan insisted on continuing with it. Russia has also asked Pakistan to award a $1.2 billion pipeline-laying contract to its energy giant Gazprom without going into bidding process.