Pakistan and Russia have sealed the deal of Stream Gas Pipeline project at a ceremony in the federal capital, 24NewsHD TV Channel reported on Thursday.
A Russian delegation head AA Tolparov, Deputy Director of Department of Foreign Economic Cooperation and Fuel Markets Development, and Petroleum Secretary Dr Arshad inked the accord on the behalf of two states. Minister Hamad Azhar and senior officials witnessed the signing ceremony.
The 1100km pipeline project has been lingering since 2015 and the Russian team arrived here earlier in the week to hold talks on the matter. AA Tolparov, dubbed it a millstone and shed light on its vital role for meeting energy needs.
According to the minister, Pakistan and Russia the $2.5 billion project will be finished in 2023. Local firms will be engaged in the project and equipments will be imported from Russia and Ogra will decide the gas pipeline tariff, he said adding that it will help better supply chain.
The two countries signed the amended Inter Governmental Agreement on PSGPP in Moscow on May 28 with the resolve to sign the shareholder agreement and other commercial accords within 60 days. Pakistan’s 'influential quarters' also want the Russian Federation to develop its stakes in Pakistan’s economy through building the PSGPP.