Russia to make $14 billion investment in Pakistan, largest ever in history of former cold war rivals
ISLAMABAD -- Russia plans to invest $14 billion in Pakistan energy sector which also includes a $10 billion project for laying offshore pipeline for transfer of gas from Iran to Pakistan, local media reported.
During a recent visit of the Russian delegation, headed by Gazprom Management Committee Deputy Chairman Vitaly A Markelov, the Russian side pledged an investment of $14 billion in offshore gas pipeline project, North South Pipeline Project and underground gas storages in Pakistan.
The Russian companies would build gas pipeline from Karachi to Lahore to transport imported gas for meeting the needs of the gas-starved province.
Meanwhile, Pakistan and Russian state run entities have signed inter corporate agreement to conduct a feasibility study of the $10 billion offshore pipeline project.
Under this project, Russian company, Gazprom, will conduct feasibility steady to build offshore pipeline for gas transfer from Iran to Pakistan.
The pipeline construction is expected to be completed in three to four years. Inter State Gas Systems (ISGS) Managing Director Mobin Saulat and Markelov signed the agreement in the Petroleum Division.
Russia holds huge gas deposits in Iran and has offered Pakistan and India gas exports by laying an offshore pipeline that will pass through Gwadar Port.