ISLAMABAD, Nov 18 (APP):Minister for Energy Hammad Azhar on Thursday reiterated Pakistan’s firm commitment towards the Pak Stream Gas Pipeline (PSGP) project and its successful execution.
The minister, who attended the concluding session of 5th Joint Technical Committee (JTC) meeting of PSGP project that started here on November 16, also appreciated the respective sides “for covering impressive ground during these talks,” a Petroleum Division news release said.
The Pakistani side was also comprised Dr Arshad Mehmood, Secretary Petroleum Division, Zikria Ali Shah (JS I&JV), Nadeem Bajwa (MD ISGS) and other officials of the Petroleum Division.
While, Vladimir Shcherbatykh, General Director of Pak Stream Ltd led the Russian delegation which composed of high ranking legal, financial and technical experts from the Russian Government and allied entities.
The respective delegations held extensive consultations over the course of these discussions and expressed satisfaction over ironing out major outstanding issues in the Share Holders Agreement (SHA) of the project.
The talks were held in an amicable environment that was characterised by mutual agreement, consensus and unanimity of views that has led to achieving stellar progress and very encouraging forward movement on the SHA.
The two sides also discussed broad contours of facilitation agreements, project financing, executional structure, formation of SPV, contracting strategy and the mechanism for the identification of the PMC and the FEED contract.
Moreover site surveys in Pakistan, manufacturing site visits in the Russian Federation were also discussed.
The consensus and extremely encouraging headway achieved during the period of these talks has laid the ground work for finalizing a comprehensive SHA of the Pak Stream Gas Pipeline.
According to the news release, the momentous progress on major outstanding issues in the SHA, during the parleys, was attributed to mutual cooperation, understanding and a positive spirit of consensus. “It is noteworthy that such issues were settled in a limited span of time.”
The untiring efforts of the both parties which have committed themselves to the project could be ascertained by the series of agreements that have been concluded this year including “change in the project’s name/modalities, technical parameters, Head of Terms and the current progress on the Share Holders Agreement.”
The Russian side lauded their Pakistani counterparts for their forward looking approach, thanked them for their hospitality and expressed confidence over the current state of PSGP.
The two sides pledged to proceed ahead with a renewed zeal, enthusiasm and remain undeterred by any hindrances, and “resolved to meet the project’s schedule and time-lines.”
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