Pakistan, Russia to hold talks on oil and LNG trade deal today
Business
Federal Minister Sardar Ayaz Sadiq will head for the IGC talks
ISLAMABAD (Web Desk) - Pakistan will hold bilateral talks with a Russian delegation today to discuss long-term oil and Liquified National Gas (LNG) deal today.
According to a Petroleum Division official, the construction of $3 billion Pakistan Stream Gas Pipeline (PSGP) project will also be discussed.
The 80-member Russian delegation will start three-day bilateral talks under the forum of the Inter-Governmental Commission (IGC), he added. Federal Minister Sardar Ayaz Sadiq will head for the IGC talks.
For the import of Russian oil and LNG on a government-to-government basis, both countries need to first negotiate the IGA as had been finalised and inked in the case of the PSGP, which was earlier called the North-South Gas pipeline project.
Ex-prime minister Imran Khan’s visit to Moscow on February 24, 2022, negotiation on the draft of the shareholding and facilitation agreement for PSGP was initiated and both sides agreed to sign the PSGP deal.
However, it didn t happen because of a disagreement on some clauses of the shareholding agreement from experts from both sides.
The G7 countries have imposed a price cap of $60 per barrel on Russian crude oil with a ban on Russian ships for oil transportation.
