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Pakistan, Russia Begin Negotiations over PSGP Project

Islamabad: Talks to finalise the deal for the building of the Pakistan Stream Gas Pipeline (PSGP) Project have reportedly begun between senior executives of a Russian corporation and high-ranking Pakistani authorities.

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Sources claim that talks on the PSGP project began on Monday in the federal capital between senior Pakistani officials and representatives of the Russian company ETK. The final decision, however, on whether the project will be built by a Russian company at an estimated cost of $2.5 billion or by Pakistani companies at an approximate low cost of $1.6 billion, is likely to be made within the next week.

According to information, a twelve-person Russian team has arrived in Pakistan to discuss the Head of Terms, the shareholders agreement, and other corporate agreements with the Technical Committee established by the government for the project. The discussions will go on until July 15.

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According to sources, the PSGP is most likely to be built with Russian assistance, with Pakistan contributing 70% of the estimated $2.5 billion total cost of the North-South Gas Pipeline and Russia contributing 30%.

Despite efforts, Secretary Petroleum could not be reached for a formal statement regarding talks with top Russian industry officials and PSGP plans.

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