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Pak seeks funds for Iran gas deal

Pakistan plans to borrow $300 million from local banks to build a pipeline that will carry natural gas from neighbouring Iran, easing its worst energy crisis that is curbing economic growth.

world Updated: Aug 19, 2011 02:15 IST

Pakistan plans to borrow $300 million from local banks to build a pipeline that will carry natural gas from neighbouring Iran, easing its worst energy crisis that is curbing economic growth.

Local state-owned companies will provide about $210 million in equity for the $1.3 billion pipeline, said Mobin Saulat, acting managing director of Inter State Gas Systems, the agency responsible for the project. Pakistan may approach foreign companies including OAO Gazprom, International Petroleum Investment and China National Petroleum Corp. for the rest of the financing, he said.