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ISLAMABAD: Pakistan will hold bilateral talks with a Russian delegation on Tuesday, on long-term oil and liquefied natural gas (LNG) trade deal and the construction of $3 billion Pakistan Stream Gas Pipeline (PSGP) project, an official of the Petroleum Division said.

The delegation, comprising 80 members, will start Tuesday three-day bilateral talks under the forum of the Inter-Governmental Commission (IGC), the official added.

Federal Minister Sardar Ayaz Sadiq will head for the IGC talks.

For the import of Russian oil and LNG on a government-to-government basis, both countries need to first negotiate the IGA as had been finalised and inked in the case of the PSGP, which was earlier called the North-South Gas pipeline project.

Former prime minister Imran Khan’s visit to Moscow on February 24, 2022, negotiation on the draft of the shareholding and facilitation agreement for PSGP was initiated and both sides agreed to sign the PSGP deal. However, it did not happen because of a disagreement on some clauses of the shareholding agreement from experts from both sides.

The G7 countries have imposed a price cap of $60 per barrel on Russian crude oil with a ban on Russian ships for oil transportation.

The G7 introduced a $60 per barrel price cap on Russian crude from December 5, 2022, on top of the EU embargo on imports of Russian crude by sea.

Sources said that both sides may also announce the name of companies of both countries for further negotiation on the commercial deal.

The agenda of the IGC unfolds cooperation in areas of trade and investments, including agriculture, energy, customs, industry, education, science and technology, information and communication technologies, communication, roads and postal service, railways, and finance.

Copyright Business Recorder, 2023

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