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In A Blow To India, Pakistan Gets Russia To Invest In Country’s Major Gas Pipeline Project

In a major blow to India in its ambition to isolate Pakistan, Islamabad has reportedly agreed to hand over the management control of a gas pipeline project to Russia through a special purpose company.

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Previously known as North-South Gas Pipeline, the new agreement would pave the way for Pakistan to hold a 74 percent stake in the Pakistan Stream Gas Pipeline (PSGP) project, with Russia having 26 percent ownership, The Express Tribune reported.

Under the agreement, Russian companies will help supply the liquefied natural gas (LNG) via a 1,122-km high-pressure pipeline from Karachi’s Port Qasim to Kasur in Punjab province. 

According to the report, Russian President Vladimir Putin had also expressed keen interest in the project that would supply imported gas to Punjab as both sides considered the scheme an opportunity to boost their economic and strategic relationship.

The signing of the much-awaited project is expected to establish Russian footprints in Pakistan after decades. Earlier, Russia had helped Pakistan in setting up Oil and Gas Development Company (OGDC) and Pakistan Steel Mills (PSM), the report added.

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