Karachi: After numerous rounds of discussions, Pakistani Ambassador to Russia Shafqat Ali Khan stated that building on the Pakistan Stream Gas Pipeline project is anticipated to begin soon.
“After many years of talks, [Moscow and Islamabad] eventually inked an agreement, and there has been substantial progress since then; we’ve had numerous rounds of technical meetings, including financial issues,” the envoy told RIA Novosti in an interview.
Read More: Pakistan & Russia have begun discussions to finalise a construction agreement for the PSGP project
“We anticipate starting construction as soon as the final details are agreed upon. It will, in my opinion, have a substantial influence on future investments (in Pakistan)…. I’m afraid I can’t go into too much detail… “We have a lot of hope,” he continued.
The two nations agreed to develop a large gas pipeline connecting Karachi and Gwadar to power plants and industrial centres in Punjab in late May. The pipeline, nicknamed “Pakistan Stream,” will span 683 miles (1,100 kilometres) and have a discharge capacity of up to 12.4 billion cubic metres of natural gas per year.
Read More: Negotiations begin by Pakistan and Russia over PSGP project
Pakistan would own 74% of the pipeline operator under the terms of the deal, while Russia would possess the remaining 26%. The pipeline’s initial construction contract was signed in 2015.
The project is projected to be the biggest infrastructure transaction between the two countries since the Soviet Union built the Pakistan Steel Mills (PSM) in Karachi in the early 1970s.
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