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Asia Today ISSN 1861-4604 Tuesday, October 23, 2018

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Pakistan abandons $2B Gwadar-Nawabshah gas pipeline project

This project was considered as an alternate to the Iran-Pakistan (IP) gas pipeline

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In the wake of growing tensions between Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates (GCC) countries and Qatar, Pakistan has abandoned the $ 2 billion Gwadar-Nawabshah gas pipeline project, Daily Pakistan reported.> Trend
 
A key decision was taken during a high-level meeting, chaired by Prime Minister Nawaz Sharif in the first week of June, while the Federal Ministry of Petroleum was directed towards the Gwadar-Nawabshah gas pipeline project and commence work on the new Port Qasim LNG terminal in Karachi The PML-N government reportedly took a decision after American objections.
 
This project was considered as an alternate to the Iran-Pakistan (IP) gas pipeline since the US sanctions on Iran for their nuclear program.
 
On the other hand, the decision was a setback for the Chinese, who had signed an agreement on April 2015 for the laying of the Gwadar-Nawabshah gas pipeline project.
 
As per the IP gas pipeline agreement reached with Iran, Pakistan was supposed to start receiving gas from January 2015, and in case this agreement was not honored, the latter had to pay a penalty amount of $ 3m daily. Under the gas-supply purchase agreement (GSPA), Iran has been legally allowed to sue Pakistan for not meeting its obligations, but decided against it.
 
This project has been canceled due to its "high cost" but the Executive Council of the National Economic Council (ECNEC) has done a detailed cost assessment and given it.
 
Exim Bank of China had provided funding for the Gwadar-Nawabshah gas pipeline project at London Interbank Offered Rate (Libor) plus two per cent.
 

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