• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 12 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days The United States produced more crude oil than any nation, at any time.
  • 2 days e-truck insanity
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 8 days China deletes leaked stats showing plunging birth rate for 2023
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming

Pakistan Risks $18 Billion Fine For Failing To Complete Iran Gas Project

Pakistan is facing penalties of as much as $18 billion if it fails to complete a gas pipeline project it is carrying out with Iran, local media have reported.

The project, which should supply some 750 million cubic feet of natural gas to Pakistan daily, has been fraught with difficulties, the chief among them being Pakistan’s failure to build its section of the infrastructure.

Iran has already built its own portion of the pipeline but Pakistan has to finish the one passing through its territory by 2024. If it fails to do that, Iran has threatened a lawsuit and compensation of $18 billion.

The pipeline should have been completed by 2019 but the two countries revised their original agreement to give Pakistan more time to build its portion of the pipeline.

The Pakistani foreign ministry said it was going to discuss the problems with “relevant parties”, including Iran and the United States, which prompted a heated reaction from the head of the Public Accounts Committee—a transparency watchdog for all ministries and public agencies.

“The US should pay the penalty if it does not approve of Pakistan and Iran going ahead with the gas pipeline project. The USA will have to do away with double standards — being lenient with India in meeting its energy needs while punishing Pakistan for the same,” Noor Alam Khan said, as quoted by Dawn.

U.S. sanctions on Iran and pressure from Washington on Islamabad have been named among the reasons for the pipeline completion delays. The gas that it would receive from Iran via the new pipeline is essential for Pakistan’s energy security, which should have provided enough motivation to complete the project but, it seems, it has not.

Last year, Pakistan suffered major blackouts amid the surge in international LNG prices as European buyers who could afford the higher prices took all available LNG in, leaving poorer countries such as Pakistan out in the cold and dark.

ADVERTISEMENT

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Central Protection Services on June 09 2023 said:
    Central protection Services is a leading company offering security services Edmonton for construction sites, warehouses, fire watches, and other commercials as well as residential security apprehensions. We are among the top security companies in Edmonton making the business sites and residential zones sealed to secure. If you are looking for security services Edmonton that help you to protect your valued assets, then Central Protection Services is the right platform. We offer you unarmed and armed security guards to fully monitor your specific region. Being the best security service Edmonton that focuses on guard training and technological advancements dealings including mobile patrolling, back office management, QR code check, and many more. Our company has the vision to assist the people with great security services Edmonton, Calgary, Fort Mcmurray, and their allied regions. Get your possessions protected with a robust and committed team of guards for residential and commercial sectors.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News