Chinese companies asked to finance Iran gas pipeline project

ISLAMABAD: The Pakistan Economy Watch (PEW) on Saturday said Chinese companies should help Pakistan complete $1.3 billion Iran gas pipeline project.

Government is desperately looking foreign funds to complete peace pipeline project but American opposition is keeping major donors away, it said.

Gas shortages has not only arresting economic growth but has also affected almost all walks of live which can be resolved through proper financing, said Murtaza Mughal, President PEW.

Pakistan should also raise part of the finances through domestic funding for which banks can make a consortium, he said.

American continue to stick to their stance despite the severe crisis in Pakistan which proves that they are not concerned about our economy but their own geopolitical interests, said Mughal.

The US is publically offering alternatives to Pakistan to hit Iran’s energy sector but such offers are not applicable, he said.

US is ignoring the fact that gas contributes around 53 percent in Pakistan energy mix which cannot be changed, he added.

Mughal said that fuel shortages have forced the government to ration supplies, resort to gas load shedding in summer for the very first time and face protests which calls for urgent measures.

The pipeline which will provide 21.5 million cubic meters of gas per day to Pakistan has already been delayed by a decade and further delay can prove suicidal for a country facing a shortfall of around 2.22 billion cubic feet a day, he warned.

Copyright NNI (News Network International), 2011