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Rediff.com  » Business » Iran, Pak to fine-tune pipeline deal

Iran, Pak to fine-tune pipeline deal

October 29, 2007 15:25 IST
Oil experts from Iran and Pakistan  will meet in Teheran on Tuesday to add finishing touches to the $7-billion gas pipeline project linking the two countries as well as India, which is not attending the talks, a media report said.

On Sunday, Iranian oil minister's special envoy for the pipeline talks Hojjatollah Ghanimifard said final touches to the contract would be given this week.

"We have invited Pakistan to Tehran to restudy the finalised text," he was quoted as saying by Tehran Times. In the last round of Iran-Pakistan negotiations in Islamabad, most of the text was finalised and legal experts of  Iran made the necessary changes and sent the remaining part to  their Pakistani counterparts last week.  The official expressed hope that the remaining part of the text would be finalised by Tuesday.

During Islamabad talks, Ghanimifard and Pakistan's Deputy  Minister for Petroleum and Natural resources agreed on the  price formula the two sides had finalised in their meeting in Tehran.

Ghanimifard said the price would be reviewed every three years when conditions of oil and gas markets were normal.

He, however, added: "If Japan's natural gas and crude oil markets or the furnace oil and gas oil markets in the Persian Gulf witness special and unprecedented price fluctuations, the price revision will be made after two years for the first time and every year thereafter."
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