AGL 5.95 Decreased By ▼ -0.13 (-2.14%)
ANL 9.26 Decreased By ▼ -0.14 (-1.49%)
AVN 80.82 Decreased By ▼ -0.64 (-0.79%)
BOP 5.20 Decreased By ▼ -0.07 (-1.33%)
CNERGY 4.86 Decreased By ▼ -0.04 (-0.82%)
EFERT 81.82 Increased By ▲ 0.27 (0.33%)
EPCL 53.94 Decreased By ▼ -0.06 (-0.11%)
FCCL 14.29 Decreased By ▼ -0.11 (-0.76%)
FFL 5.93 Decreased By ▼ -0.12 (-1.98%)
FLYNG 7.44 Decreased By ▼ -0.12 (-1.59%)
FNEL 4.95 Decreased By ▼ -0.05 (-1%)
GGGL 9.18 Decreased By ▼ -0.14 (-1.5%)
GGL 16.51 Decreased By ▼ -0.19 (-1.14%)
HUMNL 6.14 Increased By ▲ 0.45 (7.91%)
KEL 2.77 Decreased By ▼ -0.02 (-0.72%)
LOTCHEM 30.81 Increased By ▲ 0.26 (0.85%)
MLCF 27.45 Decreased By ▼ -0.34 (-1.22%)
OGDC 74.27 Increased By ▲ 0.27 (0.36%)
PAEL 15.98 Decreased By ▼ -0.21 (-1.3%)
PIBTL 5.21 Decreased By ▼ -0.02 (-0.38%)
PRL 17.01 Decreased By ▼ -0.28 (-1.62%)
SILK 1.10 Increased By ▲ 0.01 (0.92%)
TELE 10.00 Decreased By ▼ -0.04 (-0.4%)
TPL 7.65 Decreased By ▼ -0.05 (-0.65%)
TPLP 19.41 Decreased By ▼ -0.36 (-1.82%)
TREET 22.72 Decreased By ▼ -0.47 (-2.03%)
TRG 146.80 Decreased By ▼ -0.55 (-0.37%)
UNITY 17.09 Decreased By ▼ -0.10 (-0.58%)
WAVES 10.33 Decreased By ▼ -0.05 (-0.48%)
WTL 1.42 Decreased By ▼ -0.04 (-2.74%)
BR100 4,330 Increased By 3.4 (0.08%)
BR30 16,296 Increased By 46.9 (0.29%)
KSE100 42,904 Increased By 23.3 (0.05%)
KSE30 15,805 Decreased By -4.6 (-0.03%)
Business & Finance

Pakistan says finalising details of PSGP project with Russia

  • Energy minister says govt 'moving fast', new terminals to have no take or pay liability
Published October 9, 2021
Follow us

Minister for Energy Hammad Azhar said on Saturday that the government is "moving fast" on finalising details of the Pakistan-Stream Gas Pipeline (PSGP) project, formerly called the North-South pipeline, with Russian counterparts.

The minister shared the development in a tweet post, saying that the government has facilitated the allocation of pipeline capacity firm offer to two upcoming terminals. “The new terminals will have no take or pay liability on the government like previous terminals and will be based on B2B models,” informed Azhar.

The minister added that these measures will enhance the capability of the system to handle imported gas but in a “cost-efficient manner.”

Pakistan, Russia sign Heads of Terms for $2.5bn PSGP project

Back in July, after days of negotiations, Pakistan and Russia signed Heads of Terms to construct the $2.5 billion Pakistan-Stream Gas Pipeline (PSGP) project of 1,040 kilometers from Port Qasim to Kasur, to be completed by 2023.

The infrastructure of the 42-to-56 diameter pipeline, costing $2.25 -2.5 billion, will ensure the enhanced energy security of Pakistan.

The project will secure sustainable gas supply infrastructure for the next 40 years. This will be the most essential conduit between the installation of new LNG terminals and the industrial growth of Pakistan. Oil and Gas Regulatory Authority (Ogra) will determine the tariff of gas pipelines. The raw material of the pipeline will come from Russia whereas local companies will lay the pipeline.

The Pakistan Stream Gas Pipeline Project was announced in a joint statement of the Pakistan-Russia Inter-Governmental Commission on November 26-28, 2014.

The federal cabinet approved the Protocol to IGA on March 9, 2021. Amended IGA was signed on May 28, 2021, whereas the original IGA was signed on October 16, 2015. According to the IGA, Pakistan-nominated entity, Inter-State Gas System, will undertake the project through GIDC proceeds of (74%) and external equity (26%).

Comments

Comments are closed.

Pakistan says finalising details of PSGP project with Russia

'Blatant lies': ISPR rejects claims about COAS Bajwa and his family's assets

Govt plans to deregulate POL products’ market by 2027

Imran’s unresolved difficulty leaves him absolutely frustrated

Malaysia PM Anwar eyes targeted subsidies for low-income groups

England cricketers land in Pakistan for first Test series in 17 years

Qatar's migrant workers enjoy World Cup on the cheap

Energy conservation: stern measures on the cards

FBR widens probe into tax record leak of COAS, family

Tax reforms recommendations to FBR: Supertax has successful large businesses: PBC

Rice import: PM thanks Azeri President for 5-year tax holiday