Russia to Finance IP Pipeline Project

Media reports in Pakistan said Saturday that Russia has agreed in-principle to extend financial and technical aid to Pakistan for the $1.5 billion Iran-Pakistan (IP) gas pipeline project.

A report in Express Tribune said that a sub-committee of the Economic Coordination Committee (ECC) – which met to review the progress of IP gas pipeline project – was informed that Russia had agreed to extend financial and technical support for the project.

Talks between the two countries were recently held in Moscow, and Russia will respond formally to Pakistan within a fortnight.

The newspaper quoted Secretary Petroleum Ijaz Chaudhry as saying that a Pakistani delegation had given a presentation to Russian authorities in Moscow over the length of the pipeline, gas volume and financing required for project.

The project has entered its implementation phase, and work on front-end engineering and design, feasibility, and a detailed route survey is already underway.