Pakistan may face an arbitration case from its neighbor Iran, over the $7 billion stalled Iran Pakistan Gas Pipeline Project. As per the reports, Pakistan hired a French law firm, Gide Loyrette Nouel to look at options to deal with an Iranian threat to bring international court action against Islamabad over missed construction deadlines and see if the project can be completed without attracting US sanctions and to explore ways of avoiding being hit with a multi-billion-dollar bill for failure to complete its side of a gas pipeline project with sanctions-hit Iran.
The International Tribunal on Friday issued a 700-page ruling against Pakistan in the Reko Diq case. This Judgment on Friday decided the quantum of final Penalty that Pakistan is liable to pay to TCC. In the judgement in which Pakistan Lost Reco Diq case, ICSID awarded a $4.08 billion penalty and $1.87 billion in interest