ISLAMABAD: Dispelling the foreign pressure over Pak-Iran Gas Pipeline Project, Minister for Petroleum and Natural Resources Dr Asim Hussain on Thursday informed the Senate that work has been expedited on the project and said that it would be completed by end of 2013, before the scheduled time.
Replying to various supplementary questions during Question Hour session, he said that feasibility of the project was being prepared and tenders for compressors and pipes would be floated in a month.
The estimated cost of the project is $1.5 billion, however, it will be confirmed after completion of bankable feasibility study.
He said the pipeline would be laid along the coastal highway and two compressor stations would also be set up. Electricity and gas would be provided to the areas nearest to the pipeline, he added.
To another question, the minister said that talks were also being carried out with Turkmenistan for gas supply and an agreement would be inked on November 15 in this regard.
He said that petroleum policy 2011 would be announced shortly in which more incentives were proposed to both local and foreign investors for setting up oil refineries and oil and gas exploration.
The minister said that there are 169 natural gas reservoirs in the country. He said that much bigger gas reservoir than Sui has been discovered at Zinc Block in Balochsitan.
Dr Asim said that currently 24,267 barrel of oil per day was being produced from Khyber Pakhtunkhwa while 11 exploration licences were granted for exploration of oil and gas in the province.
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