Shahid Khaqan Abbas told this to reporters after attending an event in Islamabad.
The pipeline project has been stuck for years now because of sanctions on Iran. Pakistan has not been able to build the pipeline on its soil due to lack of funding. Iran has already built 900 km length of the pipeline on its territory while Pakistan still has to start work on the pipeline that would traverse its territory.
About 250 million Cubic Feet Gas would be imported from Iran during first year, while in the second year the import of gas would be enhanced to 500 million cubic feet while in the third year 750 million cubic feet gas would be imported.
Iran and Pakistan have discussed the project on many occasions since sanctions on Iran were lifted earlier this year. Islamabad has repeatedly said that it is committed to finishing the project but not much has happened on the ground as raising money for the project still remains a problem.
Pakistan is now seeking Chinese help. Local media reports earlier this month suggested that Pakistan will approach and request China to fund the Iran-Pakistan Gas Pipeline. The project needs to be approved by the Central Development Working Party (CDWP) and Executive Committee of the National Economic Council (ECNEC), Pakistani newspaper Daily Times quoted an official as saying.
He said that following the CDWP and ECNEC's nod, the ministry would approach China for financing the project and cabinet's Economic Coordination Committee (ECC). A price negotiation committee will then be constituted to recommend acceptance of the price proposal from China Petroleum Pipeline - the project executing company, the newspaper added.
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