Running out of patience, Pakistan and Iran on Friday decided to go ahead with the $7.4 billion tri-nation IPI gas pipeline project bilaterally, saying India could join it later at its "convenience".

The decision was taken during talks between Pakistan Foreign Minister Shah Mahmood Qureshi and his Iranian counterpart Manouchehr Mottaki in Islamabad.

The two countries have agreed to undertake the Iran-Pakistan-India (IPI) gas pipeline project bilaterally to meet Pakistan's growing energy needs at the earliest, they told a joint press conference after the meeting.

Mottaki said the bilateral launch of the pipeline project would help avoid further delay.

Premier Yousuf Raza Gilani, while receiving Mottaki, said the project was of "strategic significance" and that Pakistan would work with Iran for early establishment of a joint financing company for the venture.

"Pakistan wants the gas pipeline project should be initiated bilaterally between Pakistan and Iran while India could join afterwards whenever it so desires," an official statement quoted Gilani as saying.

The proposal for the pipeline was mooted three years back but it failed to move ahead because of differences over pricing and transit fee and concerns over security. India wants these issues to be addressed before the project could be implemented.

Qureshi said the project would enhance cooperation and promote growth in the region.

"India is welcome to join this project at a subsequent time of their choice and convenience," Qureshi added.