20 Jan 2023 13:14

Russia, Pakistan to complete by April approval of agreement in principle on technical details to supply Russian oil and gas

ISLAMABAD. Jan 20 (Interfax) - Russia and Pakistan have agreed that Russian oil and gas supplies are to be based on both countries' mutual economic interests after reaching an agreement in principle on the technical details.

"The approval process should be completed at least by the end of March 2023," the parties said in a joint statement following the meeting of the intergovernmental commission. Russian Energy Minister Nikolai Shulginov delivered the statement.

The two sides have agreed to strengthen cooperation in the area of energy, as well as to expand energy trade and investments in the energy infrastructure, as based on strategic and favorable commercial terms. A comprehensive plan on energy cooperation should be agreed in 2023.

Russia and Pakistan believe that the Pakistan Stream Gas Pipeline project should be considered in terms of comprehensively integrated infrastructure that is economically beneficial for the sustainable development of the gas infrastructure, which delivers affordable gas supplies, Shulginov added.

Pakistan has invited Russia to participate in the promising projects of its federal and provincial governments, including as public-private partnerships, suggesting that Russian businesses explore the opportunities.