The 5th Joint Technical Committee Meeting of the Pak Stream Gas Pipeline Project was held in Islamabad from 16th-18th November, 2021. The respective delegations held extensive consultations over the course of these discussions. The parties have expressed satisfaction over ironing out major outstanding issues in the Share Holders Agreement. The talks were held in an amicable environment that was characterised by mutual agreement, consensus and unanimity of views that has led to achieving stellar progress and very encouraging forward movement on the Share Holders Agreement.Both parties have also discussed broad contours of facilitation agreements, project financing, executional structure, formation of SPV, contracting strategy and the mechanism for the identification of the PMC and the FEED contract. Moreover site surveys in Pakistan, manufacturing site visits in the Russian Federation were also discussed. The consensus and extremely encouraging headway achieved during the period of these talks has laid the ground work for finalisation of a comprehensive Share Holders Agreement of Pak Stream Gas Pipeline.
Federal Minister for Energy, Mr. HammadAzhar attended the concluding session of the parleys and emphasised the Government of Pakistan’s commitment to the Pak Stream Gas Pipeline and its successful execution. The Honourable Minister also appreciated the respective sides for covering impressive ground during these talks. The Pakistani side was also comprised Dr. Arshad Mehmood, Secretary Petroleum Division, Mr Zikria Ali Shah (JS I&JV), Mr. Nadeem Bajwa (MD ISGS) and other officials of the Petroleum Division. Mr. Vladimir Shcherbatykh, General Director of Pak Stream Ltd led the Russian delegation which composed of high ranking legal, financial and technical experts from the Russian Government and allied entities.
The momentous progress on major outstanding issues in the Shareholders Agreement during the parleys was attributed to mutual cooperation, understanding and a positive spirit of consensus. It is noteworthy that such issues were settled in a limited span of time. The untiring efforts of both parties which have committed themselves to the project can be ascertained by the series of agreements that have been concluded this year, i.e. change in the project’s name/modalities, technical parameters, Head of Terms and the current progress on the Share Holders Agreement. The Russian side lauded their Pakistani counterparts for their forward looking approach, thanked them for their hospitality and expressed confidence over the current state of PSGP. Both parties pledge to proceed ahead with renewed zeal, enthusiasm and remain undeterred by any hindrances. The parties resolved to meet the project’s schedule and timelines.
