The agreement was signed by the visiting Kuwaiti Energy Minister, Sheikh Ahmed Fahd al-Sabah and his Iranian counterpart Habibollah Bitaraf. Under the deal, Iran will supply Kuwait with 900,000 cubic meters of fresh water per day through the projected pipeline. Also, Iran and Kuwait agreed to take into account natural conditions and observe water shortages during drought period and other emergency circumstances. They furthermore agreed on third party involvement in financing the project in accordance with their respective laws and regulations. Bitaraf told IRNA that Iran had signed the agreement to export its surplus fresh water supplies over a period of 30 years with the view of obtaining hard currency to fund water development projects of its southwestern province of Khuzestan. He said the deal will make a significant contribution to the promotion of Iran`s ties with Kuwait, stressing that it marks a turning point in Iran-Kuwait relations. Bitaraf added that the price of Iran`s water to Kuwait will be determined in a separate contract. The project is estimated to cost 1.5 billion dollars and involves establishment of a 540 kilometer pipeline. The pipeline will carry water from Karkheh Dam in Khuzestan province at 330 kilometers to the farthest point on the bank of the Arvand river in Abadan, and will extend for another 210 kilometers toward the coast of Kuwait under the sea. PIN/IRNA