GABD, Iran // The presidents of Pakistan and Iran inaugurated work yesterday on the cross-border leg of a much delayed gas pipeline that the US has warned may breach a sanctions regime aimed at curbing Tehran's nuclear programme.
The Iran-Pakistan pipeline is intended to help Pakistan overcome its mushrooming energy needs at a time when the country is facing increased blackouts and energy shortages.
But there are serious doubts about how Pakistan could finance the Dh5.51 billion needed to construct the pipeline and whether it could go through with the project without facing US sanctions, which Washington has put in place to pressure Iran over its nuclear programme.
In live television images shown on Pakistani TV, President Asif Ali Zardari and Iranian President Mahmoud Ahmadinejad shook hands with various dignitaries as the ceremony got under way at the border.
Monday's ceremony comes just days before the government's term is set to expire and could be designed to win votes by making the ruling Pakistan People's Party look like it's addressing the energy crisis. It also allows the government to thumb its nose at the United States, which is widely unpopular in Pakistan despite billions of dollars in military and civilian aid.
The US has opposed the project, instead promoting an alternative pipeline that runs from the gasfields of Turkmenistan to Afghanistan, Pakistan and then to India. The US has also championed a number of electricity-generation projects within Pakistan such as helping renovate hydropower dams.
Iran's deputy oil minister, Javad Owji, told Iranian state television that Tehran already built 900km of the pipeline, with about 320km remaining to be built inside Iran.
The Pakistan segment of the pipeline is expected to be about 780km. Mr Owji said Iranian contractors will be involved in building the Pakistani portion of the pipeline.
Gas is supposed to start flowing in by the end of 2014, although few see that deadline as realistic considering the delays so far in the project.
The US has repeatedly raised questions about the project.
"If this deal is finalised for a proposed Iran-Pakistan pipeline, it would raise serious concerns under our Iran Sanctions Act. We've made that absolutely clear to our Pakistani counterparts," said State Department spokeswoman Victoria Nuland during a press briefing in Washington last week.
Under American regulations, a wide-ranging list of business-related activities with Iran can trigger American sanctions. Certain sales of technology or equipment that allow Iran to develop its energy sector are barred, as are most transactions involving gasoline or other fuels, according to a January report by the Congressional Research Report. The regulations also bar business dealings with Iranian financial institutions.
Possible penalties include barring the entity violating the sanctions from receiving American military equipment or making it essentially impossible to do business with American banks.
Iran also faces separate European Union and UN sanctions over its nuclear programme, which the West believes is geared for building nuclear weapons. Tehran denies the charge, insisting the programme is for peaceful purposes.
Rhetoric aside, it remains to be seen whether Pakistan would ever actually face American sanctions. The PPP government led by Mr Zardari likely has only days left leading the country because new elections are expected to be called by the end of the week.
"That timing is very important for the People's Party because they are building their campaign on this," said Hussain Yasar, a senior energy analyst at KASB Securities in Karachi.
Speaking Monday morning before the president and his entourage left for Iran, a presidential spokesman said the project will have a huge economic impact on Pakistan.
"We hope our friends understand our energy needs," said Farhatullah Babar in a veiled reference to the US.
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
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In numbers
- Number of children under five will fall from 681 million in 2017 to 401m in 2100
- Over-80s will rise from 141m in 2017 to 866m in 2100
- Nigeria will become the world’s second most populous country with 791m by 2100, behind India
- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100
- an average of 2.1 children per woman is required to sustain population growth
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
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Benefits of first-time home buyers' scheme
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE currency: the story behind the money in your pockets
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
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More on animal trafficking
The Dictionary of Animal Languages
Heidi Sopinka
Scribe
Five expert hiking tips
Always check the weather forecast before setting off
Make sure you have plenty of water
Set off early to avoid sudden weather changes in the afternoon
Wear appropriate clothing and footwear
Take your litter home with you
UAE currency: the story behind the money in your pockets
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
