Iran has backed out of a deal to supply Pakistan and India with natural gas, Pakistani media reported on Thursday.
Iran was seeking new negotiations over gas prices before commencing construction of the US$7.6 billion (Dh27.9bn) Iran-Pakistan-India (IPI) pipeline, the PakTribune website reported, citing an unnamed senior Pakistani official.
The news of an Iranian walkout was not unexpected, given India's opposition to the cost of the deal, according to Samuel Ciszuk, an Iran expert at Global Insight.
"If the Iranians have actually walked out, it's not quite surprising," he said. "As long as India has been reluctant to commit to it, the future of the project has really been under a death sentence."
The two countries remain far apart in negotiations over price, he said, and India has shied away from Iran after signing a civilian nuclear deal and improving relations with the US this year.
"We're not talking about a few cents here, we're talking about a 30, 40, 50 per cent price divergence," Mr Ciszuk said, estimating that Iran was demanding a price of just over $8 per million British thermal units (btu) and India was hoping to pay about $4 per million btu.
With opportunities to export gas to the UAE, Kuwait and Europe via Turkey looking increasingly grim, Iran was "panicking a bit" about the IPI deal, he said, and may be bluffing to get India's attention.
India is also concerned about Iran's capability to deliver on its promises, given the fact that it will almost certainly fail to deliver the 5 million tonnes of liquefied natural gas (LNG) it pledged to deliver to India by next year. The deal has been riven by disputes over prices and Iran's seeming inability to get LNG production off the ground.
Earlier this month, Murli Deora, the Indian petroleum minister, approached Qatar with a request to increase LNG purchases from the gas-rich Gulf state by 5 million tonnes per year.
"India is preferring to look in all other directions right now," Mr Ciszuk said. "They feel if there's a definition of unreliable energy partner, then Iran is that one."
Pakistan has been an enthusiastic supporter of a deal between India and Iran, as it would allow the country to reap tens of millions of dollars in transit fees. Without India, however, construction of a 900km leg of the pipeline makes little financial sense, since Pakistan offers a much smaller market for the gas.
cstanton@thenational.ae
MATCH INFO
Qalandars 109-3 (10ovs)
Salt 30, Malan 24, Trego 23, Jayasuriya 2-14
Bangla Tigers (9.4ovs)
Fletcher 52, Rossouw 31
Bangla Tigers win by six wickets
MATCH INFO
Championship play-offs, second legs:
Aston Villa 0
Middlesbrough 0
(Aston Villa advance 1-0 on aggregate)
Fulham 2
Sessegnon (47'), Odoi (66')
Derby County 0
(Fulham advance 2-1 on aggregate)
Final
Saturday, May 26, Wembley. Kick off 8pm (UAE)
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Dubai World Cup Carnival card
6.30pm: Al Maktoum Challenge Round-2 Group 1 (PA) US$75,000 (Dirt) 1,900m
7.05pm: Al Rashidiya Group 2 (TB) $250,000 (Turf) 1,800m
7.40pm: Meydan Cup Listed Handicap (TB) $175,000 (T) 2,810m
8.15pm: Handicap (TB) $175,000 (D) 1,600m
8.50pm: Handicap (TB) $135,000 (T) 1,600m
9.25pm: Al Shindagha Sprint Group 3 (TB) $200,000 (D) 1,200m
10pm: Handicap (TB) $135,000 (T) 2,000m
The National selections:
6.30pm - Ziyadd; 7.05pm - Barney Roy; 7.40pm - Dee Ex Bee; 8.15pm - Dubai Legacy; 8.50pm - Good Fortune; 9.25pm - Drafted; 10pm - Simsir
MATCH INFO
Manchester City 4 (Gundogan 8' (P), Bernardo Silva 19', Jesus 72', 75')
Fulham 0
Red cards: Tim Ream (Fulham)
Man of the Match: Gabriel Jesus (Manchester City)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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The Cairo Statement
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2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."