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(From Business Recorder)
In an unprecedented breakthrough, Pakistan and India have successfully worked out the modalities of the IPI gas-sharing formula. Under the framework initialled at Islamabad on Friday, Pakistan and India will get an equal share from the 2.1 billion cubic feet (BCF) of gas which the IPI pipeline will provide on a daily basis during the first phase of the mega project, beginning in 2010-11.
The two countries have also agreed to complete the documentation on transportation tariff, transit fee, gas volume sharing, gas sales and purchase agreement, and the feasibility study of the project to be undertaken on the public-private partnership basis, before June this year. Iran will act as an observer in the whole process. …