ISLAMABAD: Pakistan and Russia have successfully concluded the 4th Russia-Pakistan Joint Technical Committee meeting in Islamabad, on Thursday. The parties discussed the draft Shareholders Agreement (SHA) of the Pakistan Stream Gas Pipeline Project (PSGP).

The Pakistan side technical committee was headed by Dr Arshad Mahmood, secretary Petroleum Division, Ministry of Energy. The meeting was also attended by senior officials of the AG Office, Ministry of Foreign Affairs, Ministry of Law and Justice, Ministry of Finance, the SECP, the OGRA, ISGS, GHPL, and other officers from the Petroleum Division.

The Russian Technical Committee was headed by the CEO of the Russian Nominated Entity, Vladimir Shcherbatykh along with the other senior officials from the Russian side. Having signed the Heads of Terms (HOT) in July this year, the parties held in-depth discussions covering all major issues pertaining to the SHA in a cordial and congenial environment and developed consensus on key issues. The Russian side arranged a meeting with the financial advisers (led by banks).

The parties exchanged their views on the global best practices for financing similar infrastructure projects, their experience in the Asian and global markets. The parties agreed to continue working on the draft SHA during the next week. The parties further agreed to resume negotiations in Islamabad from the week starting 8th November, 2021.

The Russian side appreciated hosting the meeting in a cordial atmosphere and support of the Pakistan team in concluding the key issues of shareholding agreement. Both sides have reaffirmed their unequivocal commitment towards the strategic project and resolved to finalise the SHA during the month of November as agreed earlier.

The Pak Stream Gas Pipeline project is the flagship project in bilateral relations between Pakistan and Russia that have been marked by mutual goodwill, friendly, and amiable relations.

Copyright Business Recorder, 2021