Pakistan and Russia to sign $10bn offshore pipeline deal

In a major breakthrough, Pakistan and Russia are set to sign a $10 billion gas pipeline deal today in Moscow, a project planned by the latter to capture the energy market of Pakistan.Sources said that the cabinet, during the tenure of previous Pakistan Muslim League-Nawaz (PML-N) government, had approved the signing of the gas pipeline deal with Moscow.

Inter State Gas Systems (ISGS) a state-owned Pakistani company established to handle gas import projects and is already working on schemes like Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline has been designated by Pakistan for executing the pipeline project along with Russia’s energy giant Gazprom. A Pakistani delegation left for Moscow yesterday to sign the multibillion-dollar deal. ISGS managing director Mobin Saulat acknowledged that the agreement would be inked in Moscow today. (Read more….)