Pakistan Stream Gas Pipeline: Russia’s Key to South Asia?
Publication: Eurasia Daily Monitor Volume: 18 Issue: 123
(Source: Daily Times)
Russian Energy Minister Nikolai Shulginov and Pakistan’s ambassador to Moscow, Shafqat Ali Khan, signed a revised agreement on May 28 that initiates the construction of the planned Pakistan Stream Gas Pipeline (PSGP) (Minenergo.gov.ru, May 28). Formerly known as the North-South Gas Pipeline, this infrastructural mega-project (1,100 kilometers in length) is expected to cost up to $2.5 billion and should be completed by 2023. The pipeline will secure the delivery of 12.3 billion cubic meters (bcm) of natural gas per year from the liquefied natural gas (LNG) terminals in Karachi and Gwadar to the large north-central city of Lahore. Importantly, this project will be the first such large-scale economic initiative between Moscow and Islamabad undertaken since the mid-1970s.
Stocks tread water ahead of Eid holidays
July 20, 2021
Stocks were little changed in thin trade on Monday as investors prepared for Eid al-Azha holiday break, traders said.
Pakistan Stock Exchange (PSX) benchmark KSE 100-Share Index closed higher by 38.93 points or 0.08 percent to end at 47,873.26 points against 47,834.33 points recorded in the last session. Intraday high was 48,004.54 points, while the lowest level of the day was recorded at 47,751.72 points.
Ahsan Mehanti, analyst at Arif Habib Corp, said, “Stocks closed higher amid thin trade on speculation in the earnings season. Mid-session pressure persisted on falling global crude oil prices and diplomatic row.”
Surge in local petroleum prices, negotiations with independent power producers (IPP) for circular debt resolution and deals, as well as likely hike in local power tariff played a catalytic role.
Govt pitches ambitious plan to meet gas demand
July 13, 2021
LAHORE: After wasting three years since coming to power, the government has come up with yet another drawn-out Liquefied Natural Gas (LNG) plan to boost supply and reduce demand-supply imbalance by up to a further three years.
Following its failure to do anything good for addressing supply-side constraints on natural gas availability, the federal Ministry of Energy presented a plan to augment LNG imports, building natural gas storage and constructing south-north pipeline. The inaction by the federal government has resulted in stagnation in natural gas supply in contrast to its high demand and its spillover effect on falling power generation.
Headwinds, policy confusions subverting Russian gas line project
July 7, 2021
ISLAMABAD: The fate of country’s strategic project, Pakistan Stream Gas Pipeline (PSGP), also known as North South Gas Pipeline, is in the doldrums as the Petroleum Division has started finalizing alternate gas pipeline project by mid-July putting the ties with Russia, which have improved a lot in recent years, in jeopardy.
Pakistan and the Russian Federation signed the amended Inter Governmental Agreement (IGA) on May 28, 2021 in Moscow on Pakistan Stream Gas Pipeline Project (PSGP), now both the countries have to sign the share-holders Agreement (SHA) within 60 days from the signing of the protocol scheduled for July 27, 2021.