Iran has asked Pakistan to construct a portion of the Iran-Pakistan (IP) gasoline pipeline project in its territory till February-March 2024 or be ready to pay a penalty of $18 billion. Under the agreement, Pakistan is bound to pay $1 million per day to Iran from January 1, 2015, under the penalty clause. And in case Iran moves an arbitration court, Pakistan would have to pay billions of dollars as a penalty.
Iran informed a visiting Pakistani official, a few weeks ago, a delegation that the US sanctions on Iran are illegal and Pakistan should construct the gas pipeline in its territory by February-March 2024 as stipulated in their revised agreement, a senior official at the Ministry of Energy told The News.
Iranian authorities said that the US sanctions on Iran were illegal and Pakistan, under the revised agreement, was bound to erect the pipeline in its territory till February-March 2024. Iran had already completed part of the pipeline in its own territory from the gas field to the Pakistan border.
The Inter-State Gas Systems (ISGS) of Pakistan and the National Iranian Gas Company (NIGC) inked a revised agreement in September 2019 for the construction of the gas pipeline between the two countries.
Under the revised accord, Iran would not approach any international court if there was a delay in the construction of the pipeline, and neither would Pakistan pay any fine to Iran till 2024. Pakistan would be able to construct its pipeline by 2024 after which it would have an...
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