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Islamabad and Moscow signed an agreement to build the Pakistan Stream gas pipeline

The Pakistan Stream would be the biggest infrastructure deal with Russia since the early 1970s

Islamabad and Moscow signed an agreement to build the Pakistan Stream gas pipeline

Moscow, May 28 - Neftegaz.RU. Russian Energy Minister Nikolay Shulginov and Pakistan s ambassador in Russia Shafqat Ali Khan signed the amended Inter-Governmental Agreement for the flagship project of North-South Gas Pipeline (NSGPP).

The PSGP project will deliver gas from coastal regions to industrial areas in the north and will boost Pakistan’s capacity to internally transport imported LNG.
The 1,100 km-long pipeline will have a capacity to pump 12.4 billion m3 of gas annually.
The cost of the project has been estimated at $2.25 billion by Pakistani officials, which is not yet finalised by the Russian side.
Under the revised agreement:
  • Pakistan will own 74 % stakes in the pipeline
  • Russia 26 %
In November 2020, Russian officials visited Pakistan for 3-day-long negotiations to finalise work on the project, the biggest infrastructure deal with Russia since the early 1970s when the Soviet Union set up the Pakistan Steel Mills industrial complex at Port Qasim, near Karachi.

Pakistan Stream was also a main topic of discussion during Russian foreign minister Sergey Lavrov’s 2-day trip to Islamabad in April.
Lavrov noted, that Russian companies are also ready to participate in the modernization of the energy sector and the railroad system of Pakistan.

Pakistan is a highly gas deficit country.
The local gas production has drastically dwindled to 3.2 bcfd from 4.2 bcfd and to meet the increasing deficit of 2.5 bcfd, the country is importing LNG of 1-1.2 bcfd, depending upon the needs of the country.
In the winter season, the country's demand increases manifold up to over 6 bcfd, which is not being met by local gas and imported LNG.

To read the news in Russian

Author:

Source : Neftegaz.RU


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