10.6 C
Perth
June 16, 2019
Image default
Business Pakistan South Asia Top Stories World

Pakistan, Russia To Cooperate In Petroleum And Energy Sectors

MOSCOW: Pakistan welcomed Russian oil and gas organizations to look at exploration opportunities, TheNewsTribe.com learnt from Sputniknews.


Shahid Khaqan Abbasi, minister of Petroleum and Natural Resources hold meeting in Moscow with his Russian counterpart.
“We have asked the Russian vitality clergyman to have the Russian oil and gas investigation organizations to visit Pakistan and take a gander at the oil investigation in our nation. Along these lines, ideally, they will visit us inside the following couple of months,”  Abbasi said in the meeting.
The pastor included that Russian organizations may pick any type of contribution into business in Pakistan, including setting up a concession piece or collaborate with the current ones.
Before the end of last year, Russia and Pakistan declared a concession to the development of gas transportation and regasification foundation in Pakistan. As indicated by the priest, an intergovernmental concurrence on the undertaking may be finished till next month.
On the other hand, Pakistan and Russia are just a month away from marking a gas pipeline development assertion.
Russia’s state technologies corporation Rostec, and Pakistani Inter State Gas System (ISGS) announced a project to build Pakistan’s oil and gas infrastructure in December 2014. The project includes liquefied natural gas regasification terminals as well as construction of gas pipelines.
“The government-to-government agreement will hopefully be within a month. Then there is a commercial agreement, which is soon to be negotiated. We hope to finalize everything within the next 3-4 months,” Abbasi said in an interview.
Abbasi said the 683-mile North South pipeline stretching from southern Karachi to Lahore in the country’s northeast is a “substantial start” of Pakistan’s cooperation with Russia.
“This is 100% a Russian project. It is being done on a build-own-operate-transfer basis,” the minister told the media, adding that Russia will also take part in tenders in the $7.6-billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline later this year.

Rostec estimated in December 2014 that nearly $3 billion will be invested in the North South gas pipeline, which Abbasi asserted will also involve Iranian and Turkmen gas, over the next three years.
TAPI is designed to transport 30 billion cubic meters of gas annually from gas-rich Turkmenistan starting in 2017.
Pakistan is discussing deliveries of liquefied natural gas (LNG) to the country with Gazprom’s South-East Asian subsidiary,  Abbasi told the media.
“They [the Russian government] have nominated Gazprom Singapore to deal with us for that. So on a government-to-government basis, we have negotiated with Gazprom Singapore for the supply of LNG to our facilities,” Abbasi said after meeting with his Russian counterpart Alexander Novak in Moscow Tuesday.
In December 2014, Russia and Pakistan announced a project on the construction of gas pipelines and LNG regasification terminals in the South Asian country.