Azernews.Az

By Sara Rajabova

Pakistan says the opportunity has arisen to finish the Iran-Pakistan (IP) gas pipeline within a year after the recent deal between Iran and the six world powers.

Pakistan's Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said Pakistan has intensified its efforts to complete the project, Press TV reported.

He said the recent accord between Iran and the five permanent members of the United Nations Security Council -- the United States, China, Russia, France and Britain -- plus Germany, will facilitate the completion of the project.

Iran and the six major world powers sealed an interim deal in Geneva on November 24 to pave the way for the full resolution of the West's decade-old dispute with Iran over the country's nuclear energy program.

In exchange for Iran agreeing to limit certain aspects of its nuclear activities, the United States and some other countries have agreed to lift some of the existing sanctions against Iran.

Abbasi said he will meet Iranian Oil Minister Bijan Namdar Zanganeh in December for further discussions on the project.

The IP gas pipeline is projected to come on stream in 2014. The pipeline, projected to cost $1.2-1.5 billion, will enable the export of 21.5 million cubic meters per day of Iranian natural gas to Pakistan.

Iran has already constructed more than 900 kilometers of the pipeline on its soil.

Abbasi earlier said that Islamabad is bound to purchase gas from Iran by January 1, 2015 and it would face a penalty of $3 million per day if it fails to meet the deadline.

The final construction phase of the pipeline was inaugurated on March 11.

The 2,700-kilometer-long pipeline will start from Iran's Assalouyeh Energy Zone in the south and stretch over 1,100 kilometers through Iran. The joint multi-billion-dollar pipeline is designed to help Pakistan meet its growing energy needs at a time when the country of over 180 million people is grappling with serious energy shortages.

Pakistani Federal Minister for Planning Ahsan Iqbal said in early June that the issue of energy is Islamabad's top priority and the new Pakistani government will continue the joint gas pipeline project with Iran.