ISLAMABAD: Pakistan and Iran on Friday began three-day talks here on the proposed multi-billion Iran-Pakistan-India gas pipeline project.

The Pakistan side is led by Secretary Petroleum Ahmed Waqar, while Deputy Oil Minister Nejad Hosseinian is leading the Iranian delegation. The focus of talks will be on technical issues.

Talking to the media, leader of the Pakistan delegation said a trilateral meeting was to be held in the third week of next month and there was no truth in speculation on `withdrawal' of India from the project.

Leader of the Iranian delegation said with oil prices soaring, the project was very important for Pakistan and India. "We will discuss pricing formula in talks. If we can not reach any agreement, then the issue will be discussed in Oil Ministers' meeting in Teheran next month," Mr. Hosseinian told journalists on his arrival at Islamabad airport.

Draft pricing formula

He said Pakistan had sent a draft gas pricing formula to Iran based on domestic pricing mechanism and the Iranian delegation would discuss the same with Pakistani officials. "I am hopeful that Iran, Pakistan and India will finalise all aspects of the project in two months." The meeting is taking place a few days after a telephonic talk between Iranian President Mahmoud Ahmadinejad and his Pakistani counterpart Pervez Musharraf on the project.

Mr. Hosseinian said Iran was interested in the early implementation of the project.

Iranian official news agency IRNA has quoted the Minister as saying, "if India do not take any decision by May end, we will go ahead with Pakistan to implement it. The report said India would be welcomed whenever it wants to join the project.

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