After days of negation, Pakistan and Russia signed Heads of Terms (HoT) of shareholders’ agreement for the construction of the $2.5 billion Pakistan-Stream Gas Pipeline (PSGP) project.
It will be nearly 42-to-56 diameter and 1,100 kilometers long pipeline from Port Qasim to Kasur and is scheduled to be completed by 2023.
Reportedly, there were many hiccups in the process, but the agreement was finally signed after some key stakeholders got involved.
The agreement was signed by Secretary Petroleum, Dr. Arshad Mehmood, and AA Tolparov, Deputy Director of the Department of Foreign Economic Cooperation and Fuel Market Development of Russia.
Minister for Energy, Hammad Azhar, led the team from Pakistan which along with representatives of the Energy Ministry of Russia witnessed the ceremony.
SAPM on Power and Petroleum, Tabish Gauhar, who has reportedly been against the project, was not among the attendees.