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Home News Power Sector News Pakistan to buy Indian share of LNG under Iran-Pakistan-India pipeline project

Pakistan to buy Indian share of LNG under Iran-Pakistan-India pipeline project

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Nuclear dealPakistan has offered to Iran that it could buy the Indian share of Liquified natural Gas (LNG) from the proposed USD 7.5 billion Iran-Pakistan-India gas pipeline project involving the three countries, reports Pakistan daily Dawn, claiming that New Delhi has apparently lost interest in the venture after signing the nuclear deal with the US.

Iran recently said that it planned to link the gas prices with that of crude oil in the Gulf market, with a ratio of 80 to 100 -- meaning that if a barrel of crude oil is priced at $100 in the international market, Iran will sell one million cubic feet of gas at $80. This would have been beneficial to Indian power sector as oil prices are plummeted and the cost of nuclear power is incomparably high and the availability of nuclear power will start only after 2020.

Sources in the ministry of petroleum told Dawn on Wednesday that a team of energy experts led by Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain would go to Iran on 29-12-2008 on a two-day visit to discuss the deal.

The sources said the team was visiting Iran on the directives of President Asif Ali Zardari and it had thoroughly discussed the deal with him and Prime Minister Yousaf Raza Gilani.

They said that the delegation would try to persuade the Iranian authorities to sign the agreement in the next few months even if India stayed out.
“We will try our best to convince the Iranian side of the need for starting work on the project as early as possible,” an official in the ministry told Dawn.

Pakistan, however, wants the gas priced at half of the crude price. “We are pursuing a proposal of 100 to 50,” the ministry official said. Iran has said that after the completion of the project, it will fix gas price at around $10 to $12 per British thermal unit compared to $4 offered by Pakistan and India.

The sources said Iran still wanted India to be part of the deal to counter growing US influence on its old ally in the energy sector.Iran has offered to host a meeting of Energy Ministers of the three countries in Tehran at the earliest to negotiate the outstanding issues of the project.

In fact, India should have been evaluated all Pros and Cons of both the N-Deal and Gas Pipeline and the one that satisfies the immediate future needs of the society should have been considered.

Courtesy - Dawn, PTI



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