LAHORE: Lahore Chamber of Commerce and Industry here Monday welcomed inauguration of Iran-Pakistan gas pipeline project and hoped that it would proceed expeditiously for timely completion.
The LCCI President Farooq Iftikhar said the Lahore Chamber had already been pressing the government hard for procuring the required energy resource from whatever source suits to it to relieve the country of the mounting shortage of gas. The LCCI, he said, was convinced that Iranian source was the most feasible, financially as well as from the point of view of proximity.
He observed the Iran-Pakistan gas pipeline would serve Pakistan's national interests and go a long way in mitigating the energy issues, asserting that an early completion of this mega project of national importance would be a great favour to the business community as its very survival was at stake at the moment. The availability of gas would also help government achieve economic targets set for the year 2013.
The $7.5 billion Iran-Pakistan gas pipeline agreement was signed in Tehran on May 23, 2009, to transfer gas from Iran to Pakistan. According to the deal, Iran will initially transfer 30 million cubic meters of gas per day to Pakistan, but will eventually increase the transfer to 60 million cubic meters per day.
The pipeline will be supplied from the South Pars field. The initial capacity of the pipeline will be 22 billion cubic meters (bcm) of natural gas per annum, which is expected to be raised later to 55 bcm.
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