Iran, Pakistan agree to start joint venture in Air Industry

Tehran: Iranian and Pakistani officials agreed to set up a joint venture airline company to increase reciprocal visits by the two countries’ citizens, FARS news agency reported on Friday.

“We have decided to establish Iran-Pakistan joint airline company in a bid to enhance trade ties and facilitate people of two countries,” Iran’s First Vice-President Mohammad Reza Rahimi said.

He said Iran and Pakistan are joining hand in hands to attain their specific goals. “We can link the Far East to South Asia, Africa and Europe. We can take our first step in the Middle East and a second step in intercontinental transiting,” Rahimi stated.

Early this month, Iran and Pakistan officials signed several agreements on mutual cooperation at the end of their 18th Joint Economic Cooperation Commission meeting in Islamabad. Both sides endorsed three agreements on Economic & Technical Cooperation, establishment of Iran-Pakistan Investment Company and cooperation in Electronic Media between Pakistan Broadcasting Corporation, PTV & Islamic Republic of Iran Broadcasting IRIB.

Meanwhile, reports said Pakistan Petroleum Limited PPL, a public listed oil and gas exploration company had told investors that PPL was seeking to enter into joint venture with Iranian companies. M Mubashar Siddiqui, company secretary said PPL was interested to enter into Exploration & Production E&P business activities in Iran, as a part of its strategy.

“PPL has evaluated a number of opportunities for investment in oil and gas sector of Iran and is pursuing for government’s assistance in acquiring working interest in proactive blocks of Iran on government-to-government basis on mutually agreed terms,” he said. It was also interested in opportunity of working with any sound Iranian E&P Company as a joint venture partner in PPL‘s operated blocks in Pakistan.

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