ISLAMABAD – Iranian authorities warned Pakistan of an $18 billion penalty if Islamabad fails to complete the multi-billion-dollar gas pipeline project despite US sanctions.
A report by The News quoting an official of the Ministry of Energy claimed that Tehran gave a deadline of February-March 2024 to Pakistan to construct a portion of the Iran-Pakistan gas line project in its territory, or face a hefty penalty.
It was reported that Iranian officials conveyed this to the visiting Pakistani delegation earlier this month, calling on Pakistani authorities to complete the gas pipeline agreement in a year's time. Iran has already completed its part from the gas field to the Pakistan border.
The neighbouring countries inked the pact back in 2009 under the PPP government. According to the agreement, Islamabad was supposed to build around 800 kilometres long pipeline but the project continued to be delayed for 13 years.
Over the years, Pakistani authorities have informed Tehran that it cannot continue with the project in wake of sanctions by the US.
As per the agreement, Iran could not move to any international court in case of delay till 2024. In 2019, Iran warned to move an arbitration to invoke the penalty clause.
Pakistan maintained commitment to execute the project but only if international sanctions on Tehran are lifted.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 27, 2023 (Monday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||345.5||349|
|Hong Kong Dollar||HKD||35.92||36.27|
|New Zealand Dollar||NZD||177.56||179.56|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,800 on Monday. The price of 10 grams of 24k gold was recorded at Rs175,590.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 204,800||PKR 2,470|
|Karachi||PKR 204,800||PKR 2,470|
|Islamabad||PKR 204,800||PKR 2,470|
|Peshawar||PKR 204,800||PKR 2,470|
|Quetta||PKR 204,800||PKR 2,470|
|Sialkot||PKR 204,800||PKR 2,470|
|Attock||PKR 204,800||PKR 2,470|
|Gujranwala||PKR 204,800||PKR 2,470|
|Jehlum||PKR 204,800||PKR 2,470|
|Multan||PKR 204,800||PKR 2,470|
|Bahawalpur||PKR 204,800||PKR 2,470|
|Gujrat||PKR 204,800||PKR 2,470|
|Nawabshah||PKR 204,800||PKR 2,470|
|Chakwal||PKR 204,800||PKR 2,470|
|Hyderabad||PKR 204,800||PKR 2,470|
|Nowshehra||PKR 204,800||PKR 2,470|
|Sargodha||PKR 204,800||PKR 2,470|
|Faisalabad||PKR 204,800||PKR 2,470|
|Mirpur||PKR 204,800||PKR 2,470|
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