IP pipeline project key in realization of China-Pakistan corridor: Envoy

SHANA – Iran’s ambassador to Pakistan says completion of the Iran-Pakistan gas pipeline project is key in materialization of the China-Pakistan economic corridor.

According to IRNA, Mehdi Honardoust told a conference in Islamabad that Pakistan is still regarded by Iran as one of its main gas export destinations.

He said Iran, given its massive natural gas riches, is seriously considered for materialization of the China-Pakistan Economic Corridor.

China–Pakistan Economic Corridor (also known by the acronym CPEC) is a collection of infrastructure projects that are currently under construction throughout Pakistan.

He said CPEC, as an initiative by China must be viewed as an economic game changer in the future of the region.

Iran has fulfilled its share of the gas pipeline project and is waiting for the Pakistani side in order to start sending natural gas to Pakistan.

Originally valued at $46 billion, the value of CPEC projects is now worth $62 billion.

CPEC is intended to rapidly modernize Pakistani infrastructure and strengthen its economy by the construction of modern transportation networks, numerous energy projects, and special economic zones.

On 13 November 2016, CPEC became partly operational when Chinese cargo was transported overland to Gwadar Port for onward maritime shipment to Africa and West Asia.