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Pakistan signs TASA project with ADB

Pakistan along with Turkmenistan, Afghanistan and India signed the Transaction Advisory Services Agreement (TASA) with Asian Development Bank (ADB) on November 19 at Ashgabat, Turkmenistan.

TASA was signed with reference to the Turkmenistan-Afghanistan-Pakistan-India

(TAPI) Gas Pipeline Project, aiming to import 3.2 billion cubic feet per day of natural gas from Turkmenistan to be shared between Afghanistan, Pakistan and India. The government is aggressively pursuing the project in order to meet the gas shortfall in the country. In pursuance of the agreement, the four countries have appointed ADB as the Transaction Advisor for the TAPI Project. Mobin Saulat, Managing Director, Inter State Gas Systems (Pvt) Ltd. signed the agreement on behalf of the government of Pakistan. Whereas the representatives from GAIL, India, Afghan Gas Corporation, Afghanistan and Turkmen gas, Turkmenistan signed the agreement on behalf of their respective governments.

The Transaction Advisory Services Agreement was approved by the Economic Coordination Committee of the Cabinet in its meeting held on November 13. As per TASA, the ADB has been tasked to advise on the incorporation of special purpose company for the project i.e. TAPI Ltd., to facilitate arrangements with a technically competent and financially sound international oil company, and draft and negotiate all related agreements on behalf of the four TAPI countries.

TASA signing is a big milestone towards smooth and early implementation of the TAPI Gas Pipeline project. The government intends to complete this project on fast track basis with the support of participating countries and ADB. It is hoped that the project will be completed as per the envisaged timelines and schedule by the end of 2017. The signing ceremony of TASA was witnessed by a large number of representatives of international oil and gas companies and diplomatic community on the occasion of 18th International Oil and Gas Conference (OGT 2013) held in Ashgabat, Turkmenistan.

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