ISLAMABAD – New developments have been reported in the strategic gaspipeline project between Pakistan and Russia.
Pakistan and Russia have decided to extend the validity of the North-Southgas pipeline deal.
The $2-billion deal was signed in October 2015 and was set to expire today(October 16, 2018).
The two countries extended its validity during Pakistan delegation’scurrent visit to Russia. A commercial deal for the project has also beenfinalised during the visit.
Under the agreement, Pakistan’s Inter State Gas System (ISGS) willcollaborate with Russia’s state-owned RT Global Resources.
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The agreement requires Pakistan to allow RT Global to lay the pipelinewithout inviting any bidder. Russia in return will lend Pakistan $2-billion.
Under this agreement, RT Global would fund 85 per cent of the project’scost while Islamabad will contribute 15 per cent of equity.
