Volume. 12228

Iran won’t waive Pakistan fine for gas project delay
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c_330_235_16777215_0___images_stories_edim_04_ma1(20).jpgTEHRAN - Iran will not grant an exemption to Pakistan regarding the imposition of a fine for its delay in the Iran-Pakistan (IP) gas pipeline project, National Iranian Gas Company Managing Director Hamidreza Araqi said on Monday. 
Araqi made the statement in reply to a claim by Pakistani media that Iran had agreed to waive off Pakistan’s $3 million per day fine and extend the project’s deadline, the Tasnim News Agency reported.  
On May 30, Iranian Deputy Oil Minister for International and Trade Affairs Ali Majedi said that Iran denied it has extended the completion date of the pipeline project from December 2014 to December 2015.
On June 5, 2009 Inter State Gas System of Pakistan and National Iranian Oil Company signed an agreement, which envisaged the first flow of gas to Pakistan to commence by December 31, 2014.
Iran laid the pipeline on its side by investing $2 billion but Pakistan failed to lay the pipeline on its side of the border. 
Pakistan had invited bids but no company participated in it. Iran committed two tranches of $250 million each to lay Pakistan's portion of the pipeline but recently it declined to provide financing, saying it was ready to provide gas but would not provide funds for Pakistani portion of the project.

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