Chinese bank cold on Iran-Pak gas deal: Official

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Chinese bank cold on Iran-Pak gas deal: Official

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Finance ministry official said that the bank was apparently backing out.

14 March,2012 11:10 am

A Pakistani official says a Chinese bank is no longer interested in helping finance a gas pipeline from Iran to Pakistan that has is being opposed by the United States.Finance Ministry spokesman Naveed Iqbal said Wednesday he didnt know why the bank was apparently backing out.The U.S. has warned Pakistan and companies assisting the project could face sanctions if they go ahead.Iqbal says the Industrial and Commercial Bank of China and Pakistans Habib Bank Limited had jointly agreed to help finance the Pakistani section of the pipeline but now seemed to have no more interest in the project.Pakistani leaders have vowed to press ahead with the pipeline despite U.S. opposition, saying it was vital for the supply of gas to the energy-starved country.