Agreement On US 3.2 Billion Gas Pipeline Project Signed

ASHGABAT, Turkmenistan: Dec 28 (PNS) - Pakistan, Afghanistan and Turkmenistan on Friday signed here a framework agreement for a US $ 3.2 billion gas pipeline project passing through the three countries.

The ceremony was held at the Presidential Palace with the three leaders, Prime Minister Mir Zafarullah Khan Jamali, President Saparmurat Niyazov of Turkmenistan and Afghan President Hamid Karzai signing the document.

The framework agreement defines legal mechanism for setting up a consortium to build and operate the pipeline.

According to a study by Asian Development Bank (ADB), the 1460 km pipeline would use gas reserves at Dauletabad fields in Turkmenistan, which has world's fifth largest reserves, while passing through Afghanistan into Pakistan.

The three countries had earlier signed a trilateral agreement to develop a natural gas and oil pipeline from Turkmenistan through Afghanistan into Pakistan in May this year, during the first trilateral summit in Islamabad.

The three countries are laying great importance on the project as it could provide much needed boost to their economies.
 

Source: http://www.paknews.com/top.php?id=1&date1=2002-12-28