Iran gas price formula 'agreed'

Iran, Pakistan and India have agreed on a pricing formula for the delivery of Iranian gas via a $7bn pipeline, a top Iranian energy official has said.

"We have finally reached an agreement over the price formula," deputy oil minister Hojatollah Ghanimifard said.

The announcement came after three days of negotiations in Tehran. He gave no details of the agreement.

Talks on the 2,600km-long pipeline began in 1994, but have been plagued by disagreements.

Mr Ghanimifard said the three governments had a month to respond to the agreement. He said he hoped all other decisions would be taken by June this year.