Pakistan Russia finalise historic agreement

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Pakistan Russia finalise historic agreement

ISLAMABAD: Pakistan and Russia have finalised historic agreement for laying down $2 billion North-South RLNG pipeline from Nawabshah to Lahore.

The draft agreement has been handed over to respective legal teams for converting it into legal language.

A pipeline of 300 kilometers will also be laid down from Karachi to Nawabshah if the need be. Under the BOOT deal, both sides have finalised the payment and invoicing mechanism and reached agreement on operational and termination mechanism.

During the four-day talks, Pakistan was represented by the Inter-State Gas System (ISGS) and Russia by the RT Global.

The talks got underway in Islamabad from October 15 and ended on October 18.

According to the Inter-State Gas System MD Mobin Saulat, the BOOT agreement had been finalised and its draft handed over to the legal team.

The Russian company will hand the project over to Pakistan after 25 years, as it will be executed under the BOOT arrangement.