ISLAMABAD, Pakistan, Jan. 16 (UPI) -- Pakistani officials decided to reverse course and go ahead with negotiations for the planned Iran-Pakistan-India gas pipeline, a steering committee said.
Asim Hussain, the top energy adviser to Pakistan, chaired the eighth meeting of the steering committee on the IPI pipeline in which lawmakers decided to go forward with the project, following earlier speculations to the contrary, Pakistan's Daily Times reported Friday.
Pakistani Finance Minister Hina Rabbani Khar said the $7.6 billion project would relieve the ongoing energy crisis in Pakistan.
The Iranian government said it wanted to set gas prices at 85 percent of the market price for crude oil, though Pakistan offered a price of 60 percent as a gas tariff. The Pakistani IPI committee said it would negotiate for a compromise price.
Pakistan said earlier it preferred a price competitive with alternative energy sources while offering to take control of the New Delhi share in the project.
Talks over the planned 1,724-mile pipeline from the Iranian South Pars gas field faltered for decades as concerns mounted over the security of the pipeline, pricing and gas custody.
