One of the biggest financial news today is that Pakistanis expected to hold bilateral negotiations with a Russian delegation on Tuesday, on long-term oil painting and thawed natural gas ( LNG) trade deal and the construction of a $3 billion Pakistan Stream Gas Pipeline( PSGP) design, a functionary of the Petroleum Division said.
The functionary added, the delegation, comprising 80 members, will start Tuesday with three-day bilateral addresses under the forum of the Inter-Governmental Commission ( IGC).
Federal Minister Sardar Ayaz Sadiq will head for the IGC addresses.
For the import of Russian oil painting and LNG on a government-to-government base, both countries need to first negotiate the IGA as had been finalized and signed in the case of the PSGP, which was before called the North-South Gas channel design.
Former high minister Imran Khan’s visit to Moscow on February 24, 2022, concession on the draft of the shareholding and facilitation agreement for PSGP was initiated and both sides agreed to subscribe to the PSGP deal. Still, it didn’t because of a disagreement on some clauses of the shareholding agreement from experts from both sides.
The G7 countries have assessed a price cap of $ 60 per barrel on Russian crude oil painting with a ban on Russian vessels for oil painting transportation.
The G7 introduced a$ 60 per barrel price cap on Russian crude from December 5, 2022, on top of the EU proscription on the significance of Russian oil by the ocean.
Sources said that both sides may also advertise the name of companies of both countries for a further concession on the marketable deal.
The docket of the IGC unfolds cooperation in areas of trade and investments, including husbandry, energy, customs, industry, education, wisdom and technology, information and communication technologies, communication, roads and postal service, railroads, and finance.
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