Pakistan, Russia advance talks on Gas Pipeline project

Pakistan, Russia advance talks on Gas Pipeline project

APP

ISLAMABAD: Pakistan and Russia made advancement on the Pak Stream Gas Pipeline project by initiating first session of meaningful negotiations on the Share Holders Agreement (SHA), Petroleum Division said on Wednesday.
Pak Stream Gas Pipeline parleys continue on a positive trajectory. The project is on track to meet the timelines, it said in a news release. The talks started to build the Pak Stream Gas Pipeline (previously the North South Gas Pipeline) for which the two sides signed an Inter-Governmental Agreement in 2015, under which an 1,100-kilometer pipeline would be laid to transport 1.6 billion cubic feet per day gas from Karachi to Lahore.
The Pakistani team was led by Secretary Petroleum Division Dr Arshad Mehmood, Managing Director of Inter State Gas Systems Syed Zikria Ali Shah and other officials concerned. Moreover, officials from the Auditor General’s office, Law Division, Foreign Office and Finance Division are also attended the session. Vladimir Shcherbatykh, General Director of Pak-Stream Limited was heading the Russian side with other officials from the Russian delegation which comprised of financial and technical experts from the Russian government and allied entities.
The meeting observed that any negotiations involving a project of such magnitude including financial, technical and legal details required time, understanding between the parties and reaching on mutually beneficial consensus. The project is of a strategic nature which made more progress in the last 4 months than the preceding five years.
A testament to that are the Head of Terms (HOT) Agreement that was signed in July and Technical parameters that were arrived at in August this year, the Petroleum Division said. The both parties made substantive progress on finalization of the SHA in a collaborative manner that was an important document for which multiple negotiation sessions were planned. The Russian side appreciated the progress made and expressed confidence in the negotiations that made advancement as per the expectations of both sides. During the session, the Petroleum Division said Pakistan and Russia re-affirm their commitment to the project.