Former Federal Minister for Finance and Economic Affairs Dr Hafiz A Pasha on Sunday said that there should be no delay in Iran-Pakistan (IP) gas pipeline project because Pakistan is facing acute shortage of energy and delay would be more harmful for the country.
In a media interview, Dr Hafiz A Pasha said that Pakistan gas reserves have been depleted and "we have already consumed half of our gas reserves'.
Federal Minister for Petroleum and Natural Resources Dr Asim Hussain has said that Iran-Pakistan gas pipeline project will be completed by December 2014.
Tehran and Islamabad formally signed a multi-billion-dollar gas contract in June 2010, based on which Iran's natural gas will be pumped to Pakistan from the South Pars gas field in the southern province of Bushehr.
Iran has already constructed more than 900 kilometres of the pipeline, which is to carry 21.5 million cubic meters of natural gas per day to its eastern neighbour.
Pakistan has officially invited Expression of Interest (EoI) for its 1.2 billion dollars Iran-Pakistan gas pipeline project. Pakistan is in the grip of a serious energy crisis that is affecting all sectors of the economy and the various segments of the society.
Analysts in Pakistan believe that Iran-Pakistan gas pipeline is the only solution to resolve Pakistan's gas woes as massive rationing and shortages in recent months have indicated Pakistan is fast running out of gas.
Dr Hafiz A Pasha said that the Iran-Pakistan gas pipeline line project is of utmost importance for Pakistan. "Actually it should have come much earlier", said the former analyst.
He said that the project should be implemented as early as possible. The economist added that the project would also bring economic stability in the region. Hafiz A Pasha was of the view that the project is extremely important for Pakistan and there is no other view to this. "Because gas is the principle source of energy and right now we are facing shortage of power", he said.
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