Summary Finance Minister says 17-year-old dispute between Pakistani, Russian traders has come to an end
ISLAMABAD: (Dunya News) – Finance Minister Ishaq Dar has on Thursday invited Russian President Vladimir Putin to inaugurate the gas pipeline project. He said that the 17-year-old dispute between Pakistani and Russian traders has now come to an end, reported Dunya News.
Addressing a Pak-Russia Commission on cooperation in the fields of trade, economy and science, Dar said that the 17-year-old dispute between Russian and Pakistani traders has now been resolved. He said that Pakistan wants enhanced Russian cooperation in the field of agriculture.
Dar also announced that direct flights between Islamabad and Moscow will also begin soon. He hoped that Russian president will personally visit Pakistan to inaugurate gas pipeline project.
Finance Minister further said that Operation Zarb-e-Azb is a major achievement of Pakistan army and it has restored peace in Pakistan. He said that the traffic jams in Karachi prove that economic activities have improved in the city.
Also read: Pakistan, Russia sign agreement for construction of North-South gas pipeline
The $2 billion project, to be built by Russian state-owned industrial conglomerate Rostec, with a capacity of 12.4bcm per annum will connect liquefied natural gas terminals from the port city of Karachi to Lahore, helping the country deal with crippling energy shortages.
Rostec, run by a close friend of Russian President Vladimir Putin, would finance, own and operate the pipeline for 25 years.
Rostec’s partner in the project will be Inter State Gas Systems (ISGS) controlled by Pakistan. The Pakistani side undertakes to grant the rights to use land plots necessary for the project implementation and carry out research route laying works.
The first phase of the project will be completed by December 2017.
Russia has long been the largest supplier of weaponry to Pakistan s arch rival India, which is the world s top arms buyer. But now Moscow appears to be pivoting towards Islamabad as New Delhi becomes closer allies with Washington.
Russia s ITAR-TASS news agency reported in June that the country had lifted its embargo on arms supplies to Pakistan and was holding talks on supplying Islamabad with combat helicopters.
Prime Minister Nawaz Sharif at the time invited Russian companies to invest in Pakistan, particularly in the energy sector, and benefit from the business-friendly policies of the government.
The South Asian state is desperate for solutions to a long-running power crisis that has sapped economic growth and left its 200 million inhabitants deeply frustrated by incessant electricity cuts.
