Updated : Sunday May 24 , 2009 10:18:13 PM |
TEHRAN: Iran and Pakistan signed a framework agreement on Sunday to export Iranian natural gas to the neighbouring country during a visit by Pakistani President Asif Ali Zardari to Tehran, ARY OneWorld reported. Iran and Pakistan had agreed on a revised price formula and a new price review mechanism in December which updated terms reached in 2006 during long-running negotiations on the project. Iran, which sits on the world's second-biggest gas reserves, imports roughly about as much gas as it exports. U.S. sanctions have been a factor hindering Tehran's export plans, which tries to become a major gas exporter. An Iranian Oil Ministry official has said he hoped that the commencement of gas delivery would start five years after the contract was signed, adding both Iran and Pakistan would welcome India if it decided to join the project. India had been part of the $7 billion "peace pipeline" project, but stayed away from talks in September saying it wanted to agree transit costs through Pakistan on a bilateral basis first. |
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