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March 16th, 2012 
FAKE NEWS for the Zionist agenda Naveed Iqbal said Wednesday that he did not know why the Industrial and Commercial Bank of China (ICBC) was apparently backing out of the project, the Associated Press reported.
The official, however, added that the Chinese Petroleum Ministry had already cited “the geopolitical situation” of the pipeline as the reason.
Iqbal stated that the Chinese bank and Pakistan’s Habib Bank Limited had jointly agreed to help finance the Pakistani section of the pipeline, but neither of two banks seemed to be interested in the project anymore.
The new development comes after recent announcement by Pakistani Foreign Minister Hina Rabbani Khar on March 14 that the IP gas pipeline project is economically viable and Islamabad is facing no problems funding it.
“Funding is not an issue for Pakistan-Iran gas pipeline project and there are sources available to arrange finances for the project,” she added in a joint press conference with her Swedish counterpart, Carl Bildt.
Rabbani Khar also stated that Pakistan’s Economic Coordination Committee has already set up a sub-committee “to look into the financing of the Iran-Pakistan gas pipeline and report to the committee.”
Pakistani leaders have vowed to press ahead with the pipeline despite US opposition, saying it was vital for the supply of gas to the energy-starved country.
New sanctions imposed by Washington on December 31, 2011, consider penalties for countries buying oil from Iran or dealing with its central bank.
Washington has frequently indicated its resentment of Iran-Pakistan gas pipeline project. An article published by the International Herald Tribune on January 25, said Washington is trying to lure Islamabad away from the Iran-Pakistan gas pipeline project by offering cheaper gas to the country.
The multi-billion-dollar gas pipeline aims to export a daily amount of 21.5 million cubic meters (or 7.8 billion cubic meters per year) of the Iranian natural gas to Pakistan.
The maximum daily gas transfer capacity of the 56-inch pipeline which runs over 900 km of Iran’s soil from Asalouyeh in Bushehr Province to the city of Iranshahr in Sistan and Baluchestan Province has been estimated at 110 million cubic meters.
SS/HGH
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