Islamabad, Jan 23: Iran has said that it wants to sign a Gas Sale and Purchase Agreement (GSPA) on the seven billion dollar Iran-Pakistan-India (IPI) gas pipeline project with an elected Pakistani Government.

The Economic Coordination Committee (ECC) of the Pakistan Cabinet has approved the draft. It has also approved a formal request for an additional 1.05 billion cubic feet per day.

Pakistan will import 2.2 billion cubic feet of gas from Iran if India stays out of the project.

Technical and financial feasibility studies of the project are already underway and expression of interests is likely to be invited through international bidding.

Officials earlier said the price of the imported gas would be linked to Japan Crude Cocktail. A 56-inch pipeline will be laid if India joins the project and a 36-inch pipeline otherwise.

The deal is likely to be signed in March, week after the February 18 general election, the Daily Times reported. (ANI)