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India signs gas supply deal with Turkmenistan
Wednesday May 23, 2012 09:56:53 PM,
IANS
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Awaza (Turkmenistan): India Wednesday signed a gas sales and purchase agreement (GSPA)
with Turkmenistan for the $7.6-billion
Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project.
"For us, the signing of the GSPA is no ordinary event. While the
GSPA could be construed by some as a mere contractual document,
for us this particular GSPA is a triumph of multilateralism,
regional cooperation and economic integration," India's Minister
of Petroleum and Natural Gas S. Jaipal Reddy said at an event here
after the signing of the agreement.
He said the TAPI project would immensely benefit the
energy-starved economies in the region.
"I would like to congratulate the petroleum ministers of
Turkmenistan, Afghanistan and Pakistan for their vision, patience
and tact for making a project of this magnitude happen in a region
undergoing severe socio-political stress," he said.
A representative of GAIL (India) signed the GSPA with
Turkmenistan's national oil company TurrnenGas here in the
presence of the petroleum ministers of the two countries.
India's cabinet, after a meeting chaired by Prime Minister
Manmohan Singh last week, had approved the agreement.
The proposed 1,680-km pipeline is estimated to cost almost $7.6
billion.
Nearly 800 km of the pipeline will pass through Pakistan, while
144 km will be in Turkmenistan and 735 km in Afghanistan.
The pipeline is expected to be operational in 2018 and will supply
gas for over 30 years.
It will have the capacity to carry 90 million metric standard
cubic metre per day (MMSCMD) of gas, with 38 MMSCMD each for India
and Pakistan and the remaining 14 MMSCMD for Afghanistan.
Afghanistan and Pakistan have committed to the safety and security
of the pipeline through the Inter-Governmental Agreement and the
Gas Purchase Framework Agreement signed among the four countries
in December 2010.
Reddy said the gas project will help ease political tension in the
region and increase economic integration. "It is our belief that
the TAPI Gas Pipeline will transform the politics of this region."
"Hopefully, the spin-off benefits of this pipeline will encourage
us to emphasise trade and investment issues over contentious
political issues and enable us to build trust and confidence among
ourselves as neighbours and partners in progress," Reddy said
while addressing the 3rd Turkmenistan Gas Congress here.
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