The structure recommended by two Russian companies Eurasian Pipeline Consortium and Federal State Unitary Enterprise (FSUE) has been approved by Pakistan to construct a $2 billion North-South Gas Pipeline.
It was decided in the 7th JCC session on the North-South Gas Pipeline that the commercial agreement for the pipeline will be signed by April 2020 and the groundbreaking of the project will take place in June or July 2020. The Russian delegation was headed by Russia’s Deputy Energy Minister, Anatoli Tikhinov and the Pak delegation was headed by Petroleum Division Secretary Asad Hayaud Din in the JCC. In the meeting both ISGL and Russian JV officials were present.
As per the source, Pakistan has approved the Russian Joint Venture that consists of Eurasian Pipeline Consortium and Federal State Unitary Enterprise (FSUE). Also, it was decided that Pakistan will get the opinion from the Law division within a month that would be followed by the pricing and commercial agreement of the project. Also, a protocol has been signed in this regard.
In 2015, Pakistan and the Russian government signed an agreement to lay down a pipeline for RLNG transportation from Karachi to Lahore named North-South pipeline. RT Global Resources is nominated by the Russian government for the North-South project.
The completion time for the project was 2017. RT Global’s mother company ROSTEC is facing US sanctions thus Pakistan has asked Russia to provide sanction free company to execute the project. A new consortium has been provided by Russia following Pakistan’s request which includes TMK and JSC Zarubezhneft to execute the project.
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