Pakistan and Russia have reaffirmed their unequivocal commitment towards the strategic Pakistan Stream Gas Pipeline project and resolved to finalise the Shareholders’ Agreement (SHA) during the month of November.

During the fourth Russia-Pakistan Joint Technical Committee meeting on Pak Stream Gas Pipeline, which concluded on Thursday, the two countries discussed the draft of Shareholders Agreement (SHA) of the scheme.

The Pakistan side was headed by Petroleum Secretary Dr Arshad Mahmood while the Russian Technical Committee was led by the CEO of Russian nominated entity Vladimir Shcherbatykh.

Having signed the Head of Terms (HOT) in July this year, the parties held in depth discussions covering all major issues pertaining to the SHA in a cordial and congenial environment and developed consensus on key issues.

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The Russian side arranged a meeting with the financial advisers (led by banks). The parties exchanged their views on the global best practices for financing similar infrastructure projects and discussed their experience in the Asian and global markets.

The two parties agreed to continue working on the draft SHA during the next week. They further reached a consensus to resume negotiations in Islamabad from the week beginning November 8, 2021.

The Russian side appreciated hosting the meeting in a cordial atmosphere and support of the Pakistan team in concluding the key issues of the Shareholders Agreement.

Published in The Express Tribune, October 29th, 2021.

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