Iran denies extending completion date of IP gas pipeline

TEHRAN - Iran has denied extending the completion date of the Iran-Pakistan (IP) gas pipeline project from December 2014 to the end of next year, agency reported.

The news agency quoted Iran's Deputy Oil Minister for International and Trade Affairs Ali Majedi as saying that Iran had not reached any agreement with Pakistan to push back the project's completion date. Earlier senior officials from Pakistan's petroleum ministry told that Iran and Pakistan had postponed the project's completion date to 2015.

The officials claimed that during Pakistan Prime Minister Nawaz Sharif's recent visit to Iran, both countries had agreed to extend the project's deadline by one year. Iran invested US$2 billion to construct the pipeline on its side of the border but Pakistan failed to do the same on its side. Iran committed two tranches of US$250 million each to lay Pakistan's part of the pipeline but recently declined to provide financing saying it was ready to provide gas but not funds.

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Aaj Kal