Iran and Pakistan are close to finalizing a gas purchase agreement for the $7.4 billion IPI pipeline during technical talks in Islamabad, even as officials said India’s decision not to take part in the talks did not mean it had pulled out of the trilateral project.

Iran and Venezuela, the producers of about 9 percent of the world’s oil, will form a $1 billion global venture for projects in countries where companies such as Royal Dutch Shell Plc or Eni SpA are facing tougher business conditions.

A Japanese college student abducted in Iran’s southeast has been confirmed safe, but it was unknown when he would be released, a Japanese government spokesman said Thursday.