Islamabad – Pakistan and Russian Federation have agreed to establish a special purpose company, namely Pakistan Stream Pipeline (Pvt.) Ltd for the execution of North-South gas pipeline project, it is learnt reliably here.
The matters pertaining the new company and the start of execution work was discussed on December 23, 2020, during the second meeting of the Joint Russian-Pakistani Technical Committee for the implementation of the North-South gas pipeline project held in via video conference.
The Russian side of was headed by the Director of the Department of International Cooperation of the Ministry of Energy of the Russian Federation A.N. Gospodariev and it also included representatives of the Ministry of Energy of the Russian Federation, the Federal State Unitary Enterprise Center for Operational Services (FSUE TsEU) of the Ministry of Energy of Russia, OOO Eurasian Pipeline Consortium (OOO ETK) and PAO TMK. The Pakistani side was headed by the Director of the International Cooperation Department of the Ministry of Energy of the Islamic Republic of Pakistan, Saira Najib, and it also included representatives of the Ministry of Energy, the Ministry of Foreign Affairs and the NSGP Technical Committee
The parties considered the draft JCC Regulations proposed by the Pakistani side and agreed to exclude from clause 2. Functions and submit the following sub-clauses to ISGS and the nominated Russian company for consideration which includes Technical parameters and related issues;Shareholders Agreement between ISGS and the nominated Russian company;Memorandum and Articles of Association of a special purpose company; Draft Implementation Plan; Sources of supplies of equipment and material support.
The Russian side informed the Pakistani side about the consideration by the relevant federal executive bodies of the Russian Federation of the Protocol on Amendments to the Agreement between the Government of the Russian Federation and the Government of the Islamic Republic of Pakistan on cooperation in the implementation of the North-South gas pipeline project dated October 16, 2015 and reported that will send an adjusted, but not final version of the specified document to the Pakistani side by January 15, 2020.
