ISLAMABAD, April 12: A Russian consortium of five major companies reached an understanding with Pakistan to take part in cross-border pipeline projects and invest in import of liquefied natural gas (LNG) and other major projects.

A five-member delegation from the Russian consortium of oil and gas companies led by Dr Alexendar S. Bornov, Vice-President of International Projects of Siburgo and Adviser to the President on International Cooperation of OGIC, called on Petroleum and Natural Resources Minister Amanullah Khan Jadoon here on Wednesday to discuss investment prospects in Pakistan’s oil and gas sector.

The delegation is visiting Pakistan on the invitation of the petroleum minister which he extended to the consortium on the sidelines of Caspian Black Sea Oil and Gas Summit held in Ankara on March 28-29.

The other members of the delegation included Batyr A. Geldyev, president of ROSS Russian Federation; Nikolay N. Velikorechin, general manager, drilling and exploration, SIBURGEO, Moscow; Alexander V. Tokarev, senior geologist and drilling expert, SIBURGEO; Grigory N. Klimenok, engineer, pipeline construction projects, ROSS Moscow; and Roman B. Geldyev, senior design expert, oil and gas projects, SIBURGEO.

The consortium appreciated Pakistan’s economic growth and development in the oil and gas sector during the last few years and expressed keenness to invest in the cross-border pipeline, LNG, oil and gas exploration and upgradation of oilfields.

The delegation members informed the minister that the consortium would be mobilising a reasonable number of drilling and exploratory rigs, logging equipment, unitary pipeline construction machinery supported by high calibre professionals to Pakistan shortly.

The minister said there existed a lot of potential and opportunities in oil and gas exploration, cross-border pipeline, gas storages, LNG projects and upgradation of oilfields. He said the government would welcome the Russian consortium’s participation in these activities for the mutual advantage.

Mr Jadoon said as many as 1,467 exploratory and development wells had been drilled in the country which brought 183 successful discoveries, including 51 of oil and 132 of gas.

He said that 26 companies were currently engaged in oil and gas exploration and production activities, out of which 22 are foreign firms. He said the government was providing lucrative incentives to investors in the oil and gas exploration and production activities attracting unprecedented investment in the country.