In what is being seen as a significant development in terms of investment, TatNeft – a Russian state owned oil and gas company that has so far drilled 50,000 wells all over the world is ready to join oil and gas exploration activities in Pakistan in a big way.
The top officials of the said Russian Company came up with their willingness in becoming part of the E&P activities in Pakistan in a meeting of Pakistan Russian Joint Working Group (JWG) on Energy that met here on Monday. It was the 7th meeting of JWG on Energy between the two countries, The News quoted a senior official as saying.
The meeting participants discussed oil and gas sector, gas pipelines, power projects and barrages and dams, said a report.
In the meeting, Russia was represented by Talyat Aliev, deputy head of department, Ministry of Energy of the Russian Federation whereas Joint Secretary Petroleum Division Syed Tauqir Hussain represented Pakistan.
This meeting was the part of Inter-Governmental Commission (IGC) between the two countries.
A 64-member delegation headed by Minister for Trade and Industries for the Russian Federation Denis V Manturov is visiting Pakistan for four days from December 8 to 11 to attend an Inter-Governmental Commission.
Both sides will find out more avenues in cooperation on trade, economic, scientific, and technical areas in IGC meetings. The Joint Working Groups of the countries on Trade and Industry will also meet today (Tuesday).
More importantly Bank of New York owns 23 percent shares of TatNeft company, and the government owns 34 percent and over 40 percent shares doled out in Moscow Stock Exchange and London Stock Exchange.