English | دری

Chinese company pulls out of the Iran-Pak gas pipeline project

in International Business

Chinese company pulls out of the Iran-Pak gas pipeline project

Iran-Pak gas pipelineA Chinese company, which had offered USD 500mn to fund the Iran-Pakistan gas pipeline, has backed out, leaving Pakistan to knock on Iran’s door for further funding.

This comes after Pakistani government expressed its unwillingness to extend the bid validity period.

The Chinese firm, Panyn Chu King Steel Limited, which has pulled out, had been selected during bidding by Interstate Gas Systems (ISGS) as a qualified bidder, which would provide the pipeline at $1,650 per ton including compressors.

The company, which also offered to arrange $500m for the project, sought extension in bid validity but the government refused.

According to sources, Iran has already expressed willingness to increase the credit limit, and two sides are expected to meet this month to take up the proposal that Iran gives the entire financing.

Related Articles

US to Promote Trade with Pakistan

US Ambassador to Pakistan Cameron Munter visited Islamabad Chamber of Commerce and Industry (ICCI) to support fostering the business sector

Iran continues uranium enrichment as they have in the past- Iranian Legislator

Iranian lawmaker Alaeddin Boroujerdi denied reports that the Islamic Republic had temporarily halted enriching uranium to the 20% level. Previously,

Farmland prices: Is the bubble about to burst?

Experts think a 1980s-like crisis is unlikely, but concerns linger. WASHINGTON — Record-high prices for corn, soybeans, wheat and other

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.