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Russian delegation to arrive in Pakistan for oil, gas deal

A Russian delegation is expected to arrive in Pakistan for bilateral talks on the oil and gas deal.

According to the senior officials from the Energy Ministry, Pakistan is prepared to hold bilateral talks with a Russian delegation that will arrive tomorrow on long-term oil and liquefied natural gas (LNG) trade agreement as well as the much-touted flagship $3 billion Pakistan Stream Gas Pipeline (PSGP) project.

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The team, which consists of 80 individuals, will land in Pakistan on January 17 for three days of bilateral discussions through the Inter-Governmental Commission forum (IGC).

“The Pakistani side will be headed by Federal Minister Sardar Ayaz Sadiq for the IGC talks. For the import of Russian oil and LNG on a GtG basis, both countries need to first negotiate the IGA (inter-governmental agreement) as had been finalized and inked in the case of the Pakistan Stream Gas Pipeline Project (PSGP), which was earlier called the North-South Gas pipeline project,” officials said.

The Pakistani side must discuss the shipment costs, the charge by the shipping trader, the insurance coverage, and the payment options.

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Nevertheless, the IGC’s agenda outlines cooperation in trade and investment-related areas such as agriculture, energy, customs, industry, education, science and technology, information and communication technologies, communication, roads and postal service, railways, and finance. Additionally, Pakistan’s debt to Russia will be settled and discussed.

The potential for cooperation in the areas of electric power, hydropower, renewable energy sources, and oil and gas extraction will also be discussed by the two parties.

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