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August 28, 2016

‘IP gas pipeline most viable energy project for Pakistan’

Business

 
August 28, 2016

ISLAMABAD: Senior economist and former minister for finance Dr Hafiz Pasha believes that Iran-Pakistan gas pipeline project is the most viable and feasible energy project for Pakistan and needs to be completed at the earliest.

Dr Pasha said the IP gas pipeline project should be the top priority in Iran Pakistan relations.

“This project has to be revived at the earliest because it is most viable and feasible project for Pakistan,” Dr Pasha noted. “As compared to other energy projects including Turkmenistan Afghanistan Pakistan India CASA 1000 and Qatar LNG, the IP is the most suitable project for Pakistan.”

He said price of the IP is very attractive and it should be the first priority for Pakistan.

“Pakistan should also try to sign bilateral trade agreement with Iran with special focus on the exports of rice and textile products from Iran and import of oil products and other things from Iran,” Dr Pasha said.

“So far we don t have any such agreement with Iran. We should take immediate steps to enhance our trade with Iran after removal of sanctions from the Islamic Republic.”

He said after the lifting of sanctions, new opportunities are emerging in Iran and being first neighbor, Pakistan should take advantage of this situation.

The economist said that strong economic and trade ties are in the interest of both Iran and Pakistan.  The current volume of trade between Iran and Pakistan is less than its potential and capacity of the neighboring countries, he said.

“But I again insist that the IP gas pipeline should be the top priority in Iran-Pak ties, we are importing LNG from Qatar which is quite far away and expensive.”

Iran Pakistan (IP) gas pipeline project, once known as the Peace Pipeline, is about 1,900 km long, which will transfer natural gas from Iran to Pakistan, when completed.