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Pakistan, Russia may sign commercial agreement on NSGP

Pakistan, Russia May Sign Commercial Agreement on the NSGP Project

ISLAMABAD – Pakistan and Russia are expected to sign a trade agreement within 30 days for the construction of the 1,100-kilometre North-South Gas Pipeline (NSGP).
The government is planning to take action on the NSGP project to transport 1.2 billion cubic feet per day (BCFD) of regasified Liquefied Natural Gas (RLNG) from Karachi to Lahore.
Sources said the Petroleum Division has decided to finalize the NSGP project with Russia and that work on the project will begin in six months.
They also said the government was also concluding a trade deal with Russia within 30 days.
They said the oil division had formed a joint venture with Russia in which it retained 51 to 80 percent of the equity. It will finance a large part of the debt from the funds of the Gas Infrastructure Development Cess (GIDC) and immediately begin the acquisition of land. A decisive meeting between Pakistan and Russian officials is expected to be held in September to decide the fate of the NSGP project, they added.
Sources said that following a Supreme Court (SC) ruling on the Gas Infrastructure Development Supplement (GIDS), the Oil Division considered various options to ensure the construction of the NSGP as the amount of the GIDC can only be spent on gas infrastructure projects. If the government fails to launch a gas infrastructure project within the next six months, then the ISWM law will be invalidated according to the Supreme Court’s order on GIDC, they added.
An agreement between Pakistan and Russia had already been signed on October 16, 2015, for the development of the NSGP with a transport capacity of 1.2 BCFD from Karachi to Lahore.
According to the document, Pakistan and Russia had entered into a government-to-government (G2G) agreement for the development of the NSGP project. The proposed pipeline will be laid with a diameter of 42 inches and will have the capacity to transport 1.2 BFCDs from RLNG.
RT-Global Resources (RT-GR) and Inter-State Gas Systems (ISGS) have been named as project developers under the agreement. ISGS is responsible for the provision of land rights and security while RT-GR is responsible for the financing, design, construction and operation of the project. Phase I of the NSGP is to be completed by December 2022 and Phase II is to be completed by December 2023.
The Petroleum Division considered using a competitive bidding process to help cover the cost of the project. The cost of the NSGP is expected to be $2.70 billion, and although the petroleum division may provide $1.50 billion through the amount of the GIDC, launching a bidding process may provide relief to the masses as well as energy security.
(Sahar News Monitoring Desk)

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