14208
China to  Finance $2b IP Pipeline
Energy

China to Finance $2b IP Pipeline

China will reportedly finance the Iran-Pakistan (IP) natural gas pipeline from Iran, home to the world’s second largest reserves, to energy-deprived Pakistan.
The final deal is to be signed during the long-sought visit of Chinese President Xi Jinping to Islamabad in April, RT reported.
“We’re building it. The process has started,” Pakistani Petroleum Minister Shahid Khaqan Abbasi said.
First proposed over 20 years ago, the 1682km pipeline will transfer gas from Iran to the Pakistani cities of Gwadar and Nawabshah.
Karachi, the country’s biggest city of 27.3 million, will also be connected via local energy distribution systems already in place.
Up to now, about 80 percent of the pipe-laying on Iranian side of border (1,100km from a total 1,400km) has been completed. The Pakistani side has yet to do its own 780km pipe-laying part.
The project could cost up to $2 billion if a liquefied natural gas (LNG) port is constructed at Gwadar. Otherwise, the project to complete the Pakistani pipeline will cost between $1.5 billion to $1.8 billion, according to the report.
Pakistan is in negotiations with China Petroleum Pipeline Bureau, a subsidiary of Chinese energy major China National Petroleum Corporation, to finance 85 percent of the project; Pakistan will pay the rest.
The original plan envisioned the pipeline continuing to India, but Delhi dropped out in 2009.
Pakistan, a country of 199 million people faces intermittent blackouts in major cities, and Iran is looking for a place to export its soon-to-not-be-banned gas.

 

Short URL : http://goo.gl/ECNXti

You can also read ...

Zarubezhneft, IDRO Oil to Study Susangerd Oilfield
Russian oil and gas firm Zarubezhneft Company has signed a...
Europe Keen on Iran Joining SGC
Europe wants countries rich in natural resources to join the...
Eni Returns to Profit
New oil and gas project startups and higher oil prices helped...
Oil Gains in Weekly Recovery
Oil prices edged up on Friday as a rebound in the global...
An investment of $211 million is needed to supply 50 mcm of water per annum to the central provinces.
Water transfer from the Caspian Sea in the north and the...
Tehran Power Grid Wastage Declines to 3.2%
In line with efforts to minimize blackouts in the capital,...

Trending

Googleplus