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Storm brewing against Pakistan Steam Gas Pipeline July 28, 2021 ISLAMABAD: In a shocking development, Pakistan has asked Russia that it has no money to fully fund its 74 percent shareholding in the $3 billion project of Pakistan Steam Gas Pipeline (PSGP) and asked Moscow to raise debt financing up to $1.4 billion against its shareholding for the project raising eyebrows of many if the huge amount of Rs 295 billion ($1.83 billion) collected in the head of GIDC (gas infrastructure development cess) by Finance Ministry till August 2020 has been utilized by the government. So much so that Pakistan also asked Russia to jack up its shareholding maximum up to 49 percent from 26 percent showing that Islamabad does not have the required amount to finance its own shareholding of 74 percent. This develops a strong impression if the government that collected over Rs385 billion has utilized the GIDC amount either in budget financing?. ....
July 28, 2021 ISLAMABAD: In a shocking development, Pakistan has asked Russia that it has no money to fully fund its 74 percent shareholding in the $3 billion project of Pakistan Steam Gas Pipeline (PSGP) and asked Moscow to raise debt financing up to $1.4 billion against its shareholding for the project raising eyebrows of many if the huge amount of Rs 295 billion ($1.83 billion) collected in the head of GIDC (gas infrastructure development cess) by Finance Ministry till August 2020 has been utilized by the government. So much so that Pakistan also asked Russia to jack up its shareholding maximum up to 49 percent from 26 percent showing that Islamabad does not have the required amount to finance its own shareholding of 74 percent. This develops a strong impression if the government that collected over Rs385 billion has utilized the GIDC amount either in budget financing?. ....
July 16, 2021 ISLAMABAD: In a major breakthrough, Pakistan and Russia here on Thursday successfully concluded the talks and signed the Heads of Terms (HoT) and Shareholders Agreement (SHA) on the country’s most strategic project of 1,100-kilometer Pakistan Stream Gas Pipeline (PSGP) from Karachi to Kasur. The project’s cost has been estimated at $2.5 billion. All the heads of terms presented by Russia were altered to make them acceptable and for the sake of more clarity and then both sides signed them. “Russia will have 26 percent shares in the project but will have no sovereign guarantee from Pakistan on the rate of return. Pakistan will be having 74 percent shares in the project, which is why the Managing Director (MD) of Special Purpose Company (SPC) will be appointed from the Pakistan side and Chief Operating Officer will be from the Russian side. The SPC will be responsible of running the PSGP,” one of the participants of the four-day talks told The News. ....
July 16, 2021 ISLAMABAD: In a major breakthrough, Pakistan and Russia here on Thursday successfully concluded the talks and signed the Heads of Terms (HoT) and Shareholders Agreement (SHA) on the country’s most strategic project of 1,100-kilometer Pakistan Stream Gas Pipeline (PSGP) from Karachi to Kasur. The project’s cost has been estimated at $2.5 billion. All the heads of terms presented by Russia were altered to make them acceptable and for the sake of more clarity and then both sides signed them. “Russia will have 26 percent shares in the project but will have no sovereign guarantee from Pakistan on the rate of return. Pakistan will be having 74 percent shares in the project, which is why the Managing Director (MD) of Special Purpose Company (SPC) will be appointed from the Pakistan side and Chief Operating Officer will be from the Russian side. The SPC will be responsible of running the PSGP,” one of the participants of the four-day talks told The N ....