Iran said it would not be able to finance the Iran-Pakistan gas pipeline project, Pakistan's Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi told reporters in Karachi on Thursday evening. (Platts, 13 December)
Abbasi who was on a visit to Tehran on 8-9 December said Iran could not provide the funding it had committed earlier for $500 million to build Pakistan's portion of the gas pipeline.
“However, we are committed and will make the IP gas pipeline,” Abbasi said, adding that Iran was ready to supply the gas once the pipeline is completed. (Platts, 13 December)
Iran has already invested $2 billion to build its part of the pipeline.
Pakistan, however, is finding it tough to find the funding for its part of the pipeline due to existing U.S. sanctions against Iran.