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The National Iranian Gas Company has announced that the construction of Iran-Pakistan (IP) gas pipeline in the territory of Pakistan, is expected to begin in the next 30 days.
Iran-based private companies have already undertaken work related to the IP pipeline construction in Pakistan, after country asked for Iran’s assistance to construct the pipeline.As a part of the contract between the two countries, Iran will export 21.5 million cubic meters of gas per day to Pakistan as of 2014.
The participating companies of both the countries will form a joint venture to complete the project work in Pakistan.Iran will build 300 km of remaining IP pipeline to the border of Pakistan, whereas Pakistan will construct 700 km of the pipeline inside the country to transport gas. In addition, Iranian banks will also help Pakistan with the financial resources for the construction work.
Iran has offered a loan of $250m for the project work as well as equipments, and will further help Pakistan with a loan of $500m.Iran will also fund the remaining financial needs of the project, from the gas consumption taxes in Pakistan.
The dollar weakened in Asian trade Monday following a mixed US jobs report last week while traders await the congressional testimony of the head of the Federal Reserve later in the week.
The dollar was at 101.94 Japanese yen in Singapore afternoon trade, compared with 102.19 yen in New York late Friday. The euro bought $1.3873 against $1.3869.
Financial ma..... Read more
Pakistan’s stock market closed higher on Wednesday, led by Engro Corporation, Muslim Commercial Bank and cement companies, traders said.
Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.34 percent, or 60.60 points, higher at 17,753.97 pointsEngro Corporation climbed 4.92 percent to 126.90 rupees and Muslim Commercial Bank Ltd..... Read more
Pakistan is likely to grant most favoured nation (MFN) status to India within ongoing month of January by abolishing the negative list of trade, a top official of Commerce Ministry said on Wednesday.
He further said that process of granting MFN status to India was delayed due to the reservations of local industry that would be addressed soon. Commer..... Read more
