ISLAMABAD, April 29: Pakistan and Iran decided on Saturday to sign a protocol of understanding on agreed points of the proposed $7 billion gas pipeline project on the conclusion of three-day technical level talks.

The two sides agreed to issue a joint statement on Sunday.

They met for the second day to discuss gas volumes and pricing, project structure and proposed routes of the Iran-Pakistan-India pipeline.

The source said the Iranian side made a detailed presentation on gas price mechanism in response to Pakistan’s formula. The two sides deliberated upon the two formulas.

They discussed pipeline routes, gas off-take volumes, project structure and legal issues. After the bilateral talks, the Pakistani side held a meeting for preparation of another presentation for Sunday.

The two sides reiterated their resolve to implement the project at all costs and iron out remaining issues in the next round of discussions.