India, Pak agree on gas price with Iran

A senior Iranian oil ministry official said on Friday that Iran, India and Pakistan have agreed over a price formula for Iran’s gas to be delivered via a proposed $7-billion pipeline, state radio reported. The trilateral talks have been under way in Tehran since Wednesday aimed at reaching a consensus over the terms of the contract, the most important of which seemed to be the price, but had failed until late Thursday night. In August, Iran offered a price linked to Brent crude oil that equated to about $8 per million British thermal units (mmBtu), while New Delhi wanted to pay about $4.25 per mmBtu.