Pak-Iran gas pipeline project formally signed

ANKARA: The gas pipeline project between neighboring Pakistan and Iran has been formally signed here late on Friday, Geo news reported.The agreement was signed between Iranian National Oil Company (INOC) and Pakistani Interstate Gas Company (PIGC).The Managing Director (MD) of PIGC Hassan Nawab told Geo news the agreement is governed through third country law so it was bound to be signed in a third country and has been signed here in Turkey.He said the work on the project has commenced from today (Friday) and will be completed by 2013 whereby Pakistan will receive 750 cubic million gas on daily basis which will be enough for generation of 4000 megawatt electricity.“The gas pipeline will begin from Gawadar near Iranian border having 800 kilometer length”, he maintained adding, “The determination of gas price will be linked with contemporary oil prices at international market but will be less than 25 per cent as compared to crude oil prices”.The estimated cost of the project will be US $1.2 billion, he added.