Led by Alexey Miller, Gazprom’s Management Committee Chairman, Gazprom’s delegation has completed today a working visit to Islamabad.

In the course of the trip Alexey Miller met with Pervez Musharraf, President of the Islamic Republic of Pakistan, Shaukat Aziz, Pakistani Prime Minister and Amanullah Khan Jadoon, Pakistani Federal Minister for Petroleum and Natural Resources.

The parties addressed the outlook of cooperation between Russia and Pakistan in the oil and gas sector, signing a Memorandum of understanding between Gazprom and Pakistan’s Petroleum & Natural Resources Ministry. The Memorandum stipulates promoting the following joint businesses in the oil & gas sector:

 - exploring and developing gas fields in Pakistan;

 - using natural gas as motor fuel;

 - developing and operating underground gas storage networks in Pakistan;

 - privatizing oil & gas businesses in Pakistan;

 - developing and operating transnational gas pipelines;

 - arranging for training and retraining of laborforce involved in the Pakistani oil & gas sector.

To promote and coordinate cooperation, the parties will set up a joint Coordinating Committee.

Reference:

Being the sixth-largest in Asia Pacific (after Indonesia, Australia, Malaysia, China and India), Pakistan’s proved natural gas reserves account for 800 bcm, with Sui, Sawan and Multan being the country’s major gas production areas.

Over 2004, Pakistan extracted and consumed 27.4 bcm of natural gas, an 8.7 per cent increase from 25.2 bcm in 2003. The country does not export and import natural gas. The share of natural gas, oil, hydropower, coal and nuclear power in Pakistan’s energy & fuel balance makes up 49, 30, 13, 7 and 1 per cent, respectively. According to the Pakistani Oil and Natural Resources Ministry, natural gas demand in Pakistan will jump to 44.5 bcm by 2010.

Pakistan is the world’s third-largest country (after Brazil and Argentina) using natural gas as motor fuel.