Pakistan, Russia set to sign $10b offshore pipeline Deal The project will be a game changer and inclined to the entire region This deal will end the crisis in the Country regarding shortage of gas.

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(6 June, 2018)

President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain Said on Wednesday that Pakistan is suffering from 40 % of shortage of total gas demand in the Country. ISGS is also working on the $10-billion Turkmenistan, Afghanistan, Pakistan and India (TAPI) gas pipeline to connect South and Central Asia. It will not only suffice the local gas demand of the Country but will positively strengthen the regional ties amongst the neighboring countries.

These projects are called a game changer for Pakistan as they will not only lead to regional connectivity, but will also meet growing energy needs of the country.

The veteran businessman while talking to the business community said that Inter State Gas Systems (ISGS) – a state-owned company of Pakistan established to handle gas import projects and is already working on gas pipeline schemes like (TAPI), has been nominated by Pakistan to execute the offshore pipeline project of $ 10 Bn along with Russia’s leading energy company Gazprom, on the basis of memorandum of understanding deal signed between Pakistan and Russia.

The former minister said ISGS is already working on $ 10 Bn project of (TAPI) on which work is in progress in its Iranian and Afghanistan parts, while in Pakistan the construction work will be started in March next year. Pakistan eagerly needs new project of energy and water in order to fight back with the crisis being faced.

Mian Zahid Hussain said Russia is eager to supply its huge gas reservoirs from Turkmanistan and Iran through Gwadar to Pakistan and India and planned to work on Karachi to Lahore gas pipeline. Through this project Russia may attain other benefits including reaching to the hot waters of Arabian Sea through Gwadar port. The industrial sector of the Country after getting the requisite gas will timely supply the export orders thus increasing exports will bring stability to the Balance of Trade of the Country and economy of Pakistan will get prosper. According to Gazprom, gas flows to Europe and Turkey, excluding ex-Soviet states, hit a new daily record at 621.8 million cubic meters. After establishing, operating and managing of special economic zones under CPEC cheap energy requirement will further increase in the country. This project will be a game changer for not only Pakistan, but for the entire region.

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