TEHRAN – Pakistani Foreign Minister Shah Mehmood Qureshi said on Tuesday that halting the multi-billion dollar Iran-Pakistan gas pipeline project is going to cost Pakistan a heavy penalty, IRNA reported.

Speaking to the local media, the official expressed concern over tension between Iran and the United States, saying it is impacting the region.

The official who briefed the National Assembly Standing Committee on Foreign Affairs in Islamabad, noted that Pakistan is looking to make progress on the project but there are some third party hurdles including sanctions against Iran.

He said Pakistan is discussing this issue with Iran.

Qureshi further pointed to his country’s financial problems saying, although the IP pipeline is a great project and will contribute significantly to the future of Pakistan’s energy supply, currently the country is wrestling with financial problems.

On Monday, Pakistani daily Express Tribune reported that a high-ranking Iranian delegation is due to visit Islamabad in near future to discuss the stalled Iran-Pakistan gas pipeline project (known as IP project).

Near 20 years after the initiation of talks over the peace gas pipeline, beginning as the Iran-Pakistan-India gas pipeline project, and despite the fact that Iran has completed its part of the pipeline in its territory, Pakistan has fallen behind the target to take delivery of gas, initially scheduled for 2014.

Pakistan blames U.S. sanctions on Iran as the main hurdle in the way of the IP project completion.

EF/MA