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Summit to discuss Indo-Iran gas pipeline: Pak

Pakistan has confirmed that it would be pushing for a discussion on the proposed India-Iran gas pipeline, to be laid through the country, during the forthcoming Indo-Pak Summit.

The proposed Iran-India gas pipeline project is on the agenda of upcoming Pakistan-India summit, Pakistan Petroleum Minster Usman Aminuddin told reporters at Pakistan embassy in Washington on Tuesday.

He said Pakistani petroleum ministry had already sent a comprehensive summary on the pipeline project to Pakistan President Pervez Musharraf, reports in Pakistan media said.

He said Islamabad was interested in the project as the country would immensely benefit from it, adding besides the foreign investment amounting to $700 million the project would enable Pakistan get gas for its own use in case of shortage or for export in case of surplus.

The current gap between supply and demand of the gas was about 0.2 billion cubic ft, he said.

The 2,670-km-long Indo-Iran overland gas pipeline to be laid through Pakistan could fetch a whooping $8 billion royalties, which Iran had already promised to Pakistan.

Reports in the Pakistani media suggest that besides the royalties, the project could fetch $1 billion taxes and $5 billion as savings on getting gas supply at cheaper rates.

The staggering amounts of money offered in dollars could make a tremendous difference to cash-starved Pakistan economy which is reeling under $37-billion foreign debt.

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