Pakistan has temporarily shelved the multi-billion dollar gas pipeline project to import cheap energy from neighbouring Iran, apparently under pressure from the US which has imposed sanctions against Tehran over its nuclear programme, according to a media report on Monday.
The development comes as Pakistan struggles to put its cash-strapped economy in order with the help of the International Monetary Fund, which agreed to provide USD 3 billion in loan.
The project was initially conceived as an India-Pakistan-Iran gas pipeline, but later, India left it and became a bilateral project between Pakistan and Iran. The sanctions imposed by the US on Iran over its nuclear programme have deterred Pakistan from constructing the pipeline.
The Dawn newspaper reported that Pakistan had issued a notice of Force Majeure and Excusing Event' to Iran to suspend its contractual obligation on completion of the multi-billion-dollar Iran-Pakistan (IP) gas pipeline project because of external factors outside Islamabad's control.
This story is from the August 08, 2023 edition of Business Standard.
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This story is from the August 08, 2023 edition of Business Standard.
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