Pakistan, Iran begin construction of multi-billion dollar oil & gas pipeline

MG News | March 06, 2024 at 03:53 PM GMT+05:00

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March 06, 2024 (MLN): Pakistan and Iran have initiated the construction of the multi-billion dollar oil and gas pipeline, spanning 800 kilometers from the Iranian border to Pakistan’s port city of Gwadar.

This development comes after the Cabinet Committee on Energy approved the construction of an 80-kilometer (40-mile) segment of the 800-kilometer pipeline a few days earlier.

Pakistan had been reluctant to work on the pipeline for several years as investors avoided backing the project due to United Nations sanctions against Iran as well as restrictions on dollar transactions.

The two countries signed a 25-year gas deal in 2013, giving Iran reason to threaten a battle in international courts, as Bloomberg reported.

The project is of immense strategic importance for the region as it has the potential to bring many direct and indirect social, economic, political, and environmental benefits.

It is crucial to note that the government is currently focusing on piped gas supply as it is necessary to meet the country's rising energy needs.

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