ISLAMABAD: Pakistan said Thursday it would seek Russian funding for a multi-billion dollar gas pipeline from Iran amid Chinese reluctance to invest in the project over fears it could be hit by sanctions.
The quest for alternative sources of funds began when the Industrial and Commercial Bank of China (ICBC) failed to sign up to a consortium to finance Pakistan's $1.5 billion share of the project.
"Pakistan's technical delegation will visit Moscow early next month to have discussions on this subject," said foreign ministry spokesman Abdul Basit.
The Pakistan team will hold talks with relevant officials and different companies, including Russian gas giant Gazprom, Basit said.
A petroleum ministry official confirmed that Russia was a possible source of funding, given that there has still been no formal response from ICBC.