Abb Takk News

Pakistan, Russia Sign Agreement For Offshore Oil, Gas Exploration

ISLAMABAD: Pakistan and Russian on Wednesday signed an agreement for offshore oil and gas exploration activities, besides laying a pipeline to supply gas to the country from the Middle East through the sea-link.

Managing Director (MD) Inter State Gas Systems Limited (ISGSL) of Pakistan Mobin Saulat and Deputy Chairman Gazprom International of Russia Vitaly A. Markelov signed an inter-corporate agreement, a Petroleum Division press release said.

Minister for Petroleum Ghulam Sarwar Khan was also present in the signing ceremony between the two companies.

The Minister welcomed the Gazprom’s interest in off-shore gas pipeline project and termed it a manifestation of multifaceted cooperation between the two countries.

“This project envisages transporting of gas molecules from Gazprom’s sources in the Middle East onwards to Pakistan with a possibility in extending it further to South Asian countries.The pipeline will follow an integrated approach including other ancillary projects such as underground gas storage, desalination and other power projects,” it added.

Under the agreement, Pakistan would import some 500 million to 1 billion cubic feet gas per day from Russia, which would be transported via sea link.

The pipeline construction is expected to be completed in three to four years.

The Russian side thanked Pakistan for the facilitation being extended in preparing necessary groundwork for the project, renewing the commitment to further enhance the existing energy cooperation between the two countries.