Pakistan faces $18bn fine for not completing Iran gas pipeline project on time

During a meeting of the Public Accounts Committee (PAC), it was revealed that Pakistan could face a fine of $18 billion for not completing the Pakistan-Iran gas pipeline project within the agreed timeframe. The committee also discussed the non-utilisation of Rs 332 billion in gas infrastructure development cess, with only Rs2 billion spent despite receiving Rs325 billion. The committee demanded progress on publicly-funded projects and warned that fines could be imposed if the gas pipeline project with Iran was not completed on time. The secretary of petroleum expressed concerns over safety and security in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project and informed the committee that Pakistan had approached the United States for relief regarding the Iran gas pipeline project. The committee also asked for records of perks given to retired judges and generals, and free fuel provided to government vehicles. The PAC directed gas companies to file cases against people involved in gas theft and lifted the ban on new gas connections and petrol pump sites in Balochistan and Khyber Pakhtunkhwa provinces. The audit of all oil refineries is expected to be completed by June, and the PAC directed to complete the audit within one month.

To read the full article visit www.tribune.com.pk

Monitoring Desk
Monitoring Desk
Our monitoring team diligently searches the vast expanse of the web to carefully handpick and distill top-tier business and economic news stories and articles, presenting them to you in a concise and informative manner.

Must Read