stats Making the Business of Life Easier

   Finance globeinvestor   Careers globecareers.workopolis Subscribe to The Globe
The Globe and Mail /
Home | Business | National | Int'l | Sports | Columnists | The Arts | Tech | Travel | TV | Wheels

  Where to Find It

space  Advertisement

Online Shopping:
Get the Facts


Breaking News
  Home Page

  Report on Business



Read and Win Contest

Print Edition
  Front Page

  Report on Business




  Arts & Entertainment



  Headline Index

 Other Sections

  Births & Deaths






  Facts & Arguments




  Real Estate









  Food & Dining




  Online Personals

  TV Listings/News

 Specials & Series
  All Reports...

  Where to Find It
 A quick guide to what's available on the site



  Customer Service

  Help & Contact Us



 Web Site

  E-Mail Newsletters

  Free Headlines

  Help & Contact Us

  Make Us Home

  Mobile New

  Press Room

  Privacy Policy

  Terms & Conditions


Ambitious Afghan pipeline deal finally signed

Associated Press

Ashgabat, Turkmenistan — Pakistan and Turkmenistan signed an ambitious agreement with the Afghan president Friday to build a gas pipeline through war-ravaged Afghanistan.

The 1,460-kilometre Trans-Afghanistan Pipeline would carry natural gas from the Central Asian nation of Turkmenistan to energy-hungry Pakistan. It would be one of the largest direct foreign investment projects in Afghanistan in decades.

"It is a project mainly for the next generations of our countries and important for the energy consumption of the three countries and the whole region," Afghan President Hamid Karzai said after signing the deal with Turkmen President Saparmurat Niyazov and Pakistani Prime Minister Zafarullah Khan Jamali.

The project has yet to secure financial backing from investors leery of making such a massive investment in a country where U.S.-led forces are still hunting Osama bin Laden's al-Qaeda network and remnants of the ousted Taliban regime.

Mr. Karzai defended his country's prospects, though, saying the security situation in Afghanistan "can be considered one of the best in the region" and his government would do whatever is necessary to see that the pipeline is completed.

Officials estimate that the pipeline would pump $300-million (U.S.) in annual transit fees into Afghanistan's ruined economy and create 12,000 jobs.

The project would also secure an additional source of energy for Pakistan and provide an additional export outlet for Turkmenistan, which has the fifth largest natural gas reserves in the world.

The pipeline, which would carry up to 20-billion cubic metres of gas a year, could also be extended to India, officials said.

The project was proposed in 1997 by a consortium led by Unocal Corp. But the company abandoned it after the United States fired cruise missiles into Afghanistan the following year in a strike against al-Qaeda.

The Japanese conglomerate Itochu has expressed interest in participating in the pipeline, but so far no company has stepped forward to take over the project.

Back to Main Business Page

Sign up for our daily e-mail News Update!


Print Edition

Today's Weather

Current Markets
Enter Canadian or U.S. stock symbol(s) or market index:
Stock symbol lookup

Sponsored by:
Merrill Lynch HSBC

S&P/TSX +12.01 7046.88
DJIA +21.49 9062.79
S&P500 -2.38 987.76
Nasdaq -18.59 1627.42
Venture +7.07 1100.4
DJUK +2.18 170.63
Nikkei +128.64 8785.87
HSeng +55.62 9694.63
DJ Net -1.25 56.95
Delayed 20 minutes. Help.

Globe Poll


Make the Smart Move

R.O.B. Magazine

  • Garth Drabinsky will never go away
  • 6 reasons why Dominic D’Alessandro has done it better than the rest
  • Top 1000 companies (July 2002)

  • ROBTv

    Closing Markets

    Friday, Jun. 6
    S&P/TSX 12.01 7046.88
    DJIA 21.49 9062.79
    S&P500 -2.38 987.76
    Nasdaq -18.59 1627.42
    Venture 7.07 1100.4
    DJUK 2.18 170.63
    Nikkei 128.64 8785.87
    HSeng 55.62 9694.63
    DJ Net -1.25 56.95
    Gold (NY) -5.00 364.50
    Oil (NY) +0.54 31.28
    CRB Index +1.27 237.43
    30 yr Can. -0.03 4.96
    30 yr U.S. -0.01 4.38
    CDN$ buys
    US$ -0.0076 0.7386
    Yen +0.0000 87.7700
    Euro +0.0030 0.6316
    US$ buys
    CDN$ +0.0139 1.3540
    Yen +1.2300 118.8400
    Euro +0.0127 0.8551