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Pakistan and Russia cut deal on PakStream project

Although the countries signed an intergovernmental agreement on the project in 2015, the project has been postponed for several reasons

Islamabad, July 16 - Neftegaz.RU. According to the report of Pakistani Express Tribune, Russia and Pakistan have struck a deal for the construction of the Pakistan Stream Gas Pipeline after «lengthy deliberations».
This week, a 12-member Russian delegation, headed by Deputy Director of Russian Energy Ministry Alexander Tolparov, arrived in Islamabad for talks on the project.

Pakistan´s Energy Minister Hammad Azhar tweeted:
  • The Govt of Pakistan and Russia have agreed upon and signed the Head of Terms of the project
  • Shareholding and corporate structure finalised
  • This project has been suffering from delays since 2015 but effective progress made today
Russia nominated its official company Pakistan stream Limited, which negotiated with Pakistan's Inter State Gas System (ISGS) for the terms.
Both companies reached consensus on the Heads of Terms and on shareholding agreement with Pakistan’s share of 74% and Russian share of 26%.

The intergovernmental agreement (IGA) of the project was signed in 2015 but was not implemented.
The project had been delayed since then as construction could not be initiated due to US sanctions on Russian firms.

Pakistan and Russia signed an amended IGA in May this year to start construction work on project.
The project faced delay since 2015, and now the agreement had been signed for technical cooperation in the construction of the pipeline that would be completed by 2023 costing $2.5 billion

Source : Neftegaz.RU


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