Pakistan

Pakistan, Russia sign US$ two bln pipeline deal

ISLAMABAD: Pakistan and Russia on Friday signed an inter-governmental agreement for construction of gas pipeline from Karachi to Lahore, ARY News reported.

The 1100-kilometers long pipeline with capacity of 12.4bcm per annum will connect liquefied natural gas (LNG) terminals of Karachi with Lahore.

Pakistan’s Petroleum Minister Shahid Khaqan Abbasi and Russian Energy Minister Alexander Novak signed the agreement in a ceremony in Islamabad which was also attended by Prime Minister Nawaz Sharif.

According to official sources, Russia will make an investment of two billion dollars in the pipeline project and the first phase of the deal will be completed by December 2017.

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