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MOSCOW/ISLAMABAD: Russia and Pakistan have signed an agreement to build the Pakistan Stream gas pipeline, Russia's energy ministry said on Friday.

Russian Energy Minister Nikolai Shulginov and Pakistan's ambassador in Moscow Shafqat Ali Khan signed the agreement, the ministry said.-Reuters

BR reporter from Islamabad adds: Pakistan’s Ambassador to Russian Federation Shafqat Ali Khan signed the Protocol to the Inter-Governmental Agreement (IGA) along with Nikolai Shulginov, Minister for Energy, Russian Federation in Moscow on Friday.

The IGA has been updated as a protocol to reflect the utilisation of the GIDC and continued partnership with Russia to build the project.

This has happened after successful negotiations conducted between Pakistan’s Ministry of Energy (Petroleum Division) and the Russian Ministry of Energy.

Pakistan Stream Gas Pipeline SPV to be set up within 60 days of this signing, to implement the project.

It has been renamed as Pakistan Stream Gas Pipeline Project.

Pakistan-Russia IGA on North-South Gas pipeline was signed between both the countries in 2015 but was not implemented.

The project has been delayed since 2015 with no headway.

It is a flagship Pakistan-Russian energy project, which will enhance bilateral cooperation in the hydrocarbon sector between both the countries and huge technological uplift and employment opportunities to local companies in Pakistan.

Copyright Business Recorder, 2021

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