• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Asia

Pakistan-Russia almost finalised $3 bn Gas Pipeline Agreement

by News Desk
November 19, 2021
in Asia, International Politics, Politics, World
Reading Time: 3 mins read
Pakistan-Russia almost finalised $3 bn Gas Pipeline Agreement
Share on FacebookShare on Twitter

Pakistan-Russia reached close to finalizing the over 100 pages document of Shareholders Agreement after four-day talks on the $3 billion Pakistan Stream Gas Pipeline Project (PSGP) from Karachi to Kasur Punjab, which is a positive development.

Russia sent its delegation to Islamabad on November 16 after making its mind on new demand from the Petroleum Division, seeking renegotiation on the issues already settled for talks on the shareholding agreement and facilitation agreement. The talks continued for four days till November 18, which were kept secret and every participant was under oath from both sides that they will not utter any word to media persons. They were not allowed to carry their cell phones in the room where the talks were held.

Moscow earlier held back its delegation from holding talks scheduled from November 9, 2021 in Islamabad on shareholding agreement in the wake of the demand of Petroleum Division for re-negotiations on issues already settled in inter-governmental agreement (IGA) and approved by the federal cabinet.

Under the amended IGA, Pakistan will be having 74% shares and Russia 26% in the project. However, sources claimed that both sides once again failed to sign the Shareholding Agreement.

The secretary Petroleum Division, answering to if the shareholding agreement has been signed or more talks were needed b/w Pakistan-Russia, said:

“We are continuously working and the pre-final draft was finalized on Wednesday (November 17th) but we are working on refining it to give it a final shape. The shareholding agreement document has more than 100 pages having multiple aspects, which are commercially and strategically important. Talks remained very positive and on the right track, saying that lengthy discussions were held on many aspects of risk assessments and risk mitigation.”

The press release issued late Thursday (November 18th) night after Pakistan-Russia meeting said:

“The 5th Joint Technical Committee Meeting of the Pak Stream Gas Pipeline Project was held in Islamabad from 16-18 November, 2021. The respective delegations held extensive consultations over the course of these discussions. The parties have expressed satisfaction over ironing out major outstanding issues in the Shareholders Agreement. The talks were held in an amicable environment that was characterised by mutual agreement, consensus and unanimity of views that has led to achieving stellar progress and very encouraging forward movement on the Shareholders Agreement. Both parties have also discussed broad contours of facilitation agreements, project financing, executional structure, formation of SPV, contracting strategy and the mechanism for the identification of the PMC and the FEED contract. Moreover, site surveys in Pakistan, manufacturing site visits in the Russian Federation were also discussed.”

The press release issued late Thursday (November 18th) night also said:

“The consensus and extremely encouraging headway achieved during the period of these talks has laid the groundwork for finalisation of a comprehensive Shareholders Agreement of Pak Stream Gas Pipeline. The momentous progress on major outstanding issues in the Shareholders Agreement during the parleys was attributed to mutual cooperation, understanding and a positive spirit of consensus. It is noteworthy that such issues were settled in a limited span of time. The untiring efforts of both parties which have committed themselves to the project can be ascertained by the series of agreements that have been concluded this year i.e. change in the project’s name/modalities, technical parameters, Head of Terms and the current progress on the Shareholders Agreement. The Russian side lauded their Pakistani counterparts for their forward-looking approach, thanked them for their hospitality and expressed confidence over the current state of PSGP. Both parties pledged to proceed ahead with renewed zeal, enthusiasm and remain undeterred by any hindrances. The parties resolved to meet the project’s schedule and timelines.”

Tags: PakistanRussia
News Desk

News Desk

Related Posts

Ideal Bank Statement for a Canada Visit Visa Application from Pakistan

Ideal Bank Statement for a Canada Visit Visa Application from Pakistan

Prospective travelers from Pakistan, aiming to secure a visitor visa for Canada, now have a clearer understanding of the financial...

Trio won 2023 Nobel Prize in Physics for use of light to study electrons

Trio won 2023 Nobel Prize in Physics for use of light to study electrons

The Nobel Prize in Physics for 2023 has been awarded by the Royal Swedish Academy of Sciences to three exceptional...

Canada introduces a new fast-track immigration program: here's how

Canada introduces a new fast-track immigration program: here’s how

Canada's immigration authorities have stated that work permits will be processed more quickly, which will be great news for professionals....

Open court hearing of cipher case could affect Pakistan's diplomatic ties: FIA

Open court hearing of cipher case could affect Pakistan’s diplomatic ties: FIA

The Federal Investigation Agency (FIA) has requested an in-camera hearing from the Islamabad High Court (IHC) concerning Pakistan Tehreek-e-Insaf (PTI)...

India's RAW involved in terrorism incidents in Pakistan, says Bugti

India’s RAW involved in terrorism incidents in Pakistan, says Bugti

On Saturday, Interim Interior Minister Sarfraz Bugti said that the Indian intelligence agency, Research and Analysis Wing (RAW), is involved...

PM Kakar says law will take its course on Nawaz Sharif’s return to Pakistan

PM Kakar says law will take its course on Nawaz Sharif’s return to Pakistan

Interim Prime Minister Anwaarul Haq Kakar has emphasized that the rule of law will be upheld upon the return of...

Next Post
Chitral hydel projects potential to generate 4320 MWs

Chitral hydel projects has potential to generate 4320 MWs

Please login to join discussion

Recent Posts

  • First-ever robotic surgery performed at Karachi’s JPMC
  • Pakistan Expects $10 Billion Refinery Agreement with Saudi Arabia in 2023
  • In Major Milestone, First-ever Women’s Cricket Match Held in Swat, Pakistan
  • Mahira Khan Shares Highlights from Her Wonderful Wedding with ‘Shehzada Salim’
  • Ideal Bank Statement for a Canada Visit Visa Application from Pakistan

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk