ISLAMABAD: Petroleum Minister Shahid Khaqan Abbasi said on Monday that Pakistan is committed to Iran-Pakistan (IP) gas pipeline but it is still facing sanctions.
“The transaction of dollars has not been allowed and investors are not willing to finance due to ‘snap back’ clause which may lead to sanctions again on the project,” he said while addressing a seminar on ““LNG Market Analysis and Trends” here.
He said that IP gas pipeline project required $2 billion investment and investors were not willing to invest due to two issues of dollar transactions and ‘snap back’ clause which allows imposing sanction again. He said that Pakistan was committed to implement the project and was working on alternate plan.
To a question the minister said that international sanctions against Iran are still in place so under the current situation Pakistan can’t build Iran-Pakistan gas pipeline project. However, he said that Pakistan and Iran are closely collaborating on all the subjects including IP and once sanctions against Iran are lifted work on the project would soon be started. http://www.thenews.com.pk/print/122288-IP-gas-pipeline-still-under-jaws-of-sanctions-Khaqan
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