Pakistan, Russia sign IGA for North-South Gas Pipeline project
- By admaster -
- May 28, 2021
MOSCOW: A progress has been made on Pakistan, Russia North-South Gas Pipeline project following the comprehensive strategy of the federal government as an amended inter-governmental agreement (IGA) was signed between both countries in Moscow, ARY News reported on Friday.
The progress was made as a result of successful negotiation between the Ministry of Energy – Petroleum Division and the Russian Ministry of Energy after they agree to update the protocol.
Pakistan’s Ambassador to Russian Federation Shafqat Ali Khan signed the protocol to the inter-governmental agreement (IGA) today along with Russian Minister for Energy Nikolai Shulginov in Moscow today.
According to a press statement, the inter-governmental agreement (IGA) has been updated as a protocol to reflect the utilisation of Gas Infrastructure Development Cess (GIDC) and continued partnership with Russia to build the project.
Read: ‘Govt aggressively pursuing international gas pipeline projects to meet energy needs’
The project has been renamed as Pakistan Stream Gas Pipeline project. Moreover, Pakistan Stream Gas Pipeline SPV will be set up within 60 days after the signing to implement the decisions.
An inter-governmental agreement (IGA) on the North-South Gas pipeline had been signed between Pakistan and Russia to enhance enhance bilateral cooperation in the hydrocarbon sector in 2015. However, the energy project was delayed due to non-implementation of the decisions.