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Russian plans to invest USD 14 billion in Pakistan's energy sector

Gasoil News - Published on Mon, 11 Feb 2019

Image Source: Times Now
PTI reported that cash-strapped Pakistan is set to receive an integrated Russian investment package of USD 14 billion for the country's energy sector, including offshore gas pipeline and underground storage projects A Russian delegation headed by Gazprom Management Committee Deputy Chairman Vitaly A Markelov pledged to make the investment during a recent visit to Pakistan. The Russian companies would build a gas pipeline from Karachi to Lahore to transport imported gas for meeting the needs of the Punjab province. Out of the USD14 billion, Russians would invest around USD 10 billion in an offshore gas pipeline project, USD 2.5 billion in the North-South pipeline project and the remaining on building underground storages in Pakistan.

Pakistan and Russian state-run entities signed inter corporate agreement to conduct a feasibility study of the USD 10-billion offshore pipeline project. The planned massive Russian investment in Pakistan is coming at a time when bilateral relations between Moscow and Islamabad were warming up. Pakistan's ties with Russia have moved past the bitter Cold War hostilities and the chill in the US-Pakistan relations has further pushed the country towards Russia and China.

According to the report, under this project, Russian company, Gazprom, will conduct feasibility steady to build offshore pipeline from Iran to Pakistan.

Pakistan's Minister for Petroleum Division, Mr Ghulam Sarwar Khan, appreciated the expanding trajectory of bilateral relations between Russia and Pakistan and welcomed Gazprom's interest in off-shore gas pipeline project and termed it a manifestation of multifaceted cooperation between the two countries.

Source :

Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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