TAPI to bring economic prosperity in region: Petroleum minister

Dr. Asim Hussain, Minister for Petroleum and Natural Resources has expressed the confidence that the Turkmenistan, Afghanistan, Pakistan and India (TAPI) Gas Pipeline Project will bring economic progress and prosperity in the region.
While addressing the Steering Committee meeting of Turkmenistan, Afghanistan, Pakistan and India (TAPI) Gas Pipeline Project, Dr. Asim Hussain hoped for its early implementation in accordance with the time schedule agreed by the member states. This has further enhanced international commitment in this project.
The meeting was chaired by The Deputy Chairman of The Cabinet of Turkmenistan, Mr. Baymyrat Hojamuhammedov. Delegations from India, Afghanistan, Turkmenistan were present and Asian Development Bank which is the Secretariat of the Project, were also present in the meeting.
The Representative of Asian Development Bank briefed the delegates on the positive outcome of the Road Shows held in Singapore, New York and London. The Road Shows were conducted in these cities jointly by the teams from TAPI member states and ADB from September 11-20, 2012, to invite an expression of Interest from various international companies and financial institutions to invest and work in the project. The Steering Committee discussed various steps to carry forward the progress made in the Road Shows and issues related to the formation of Consortium.
The meeting on the recommendation of Pakistan agreed as a way forward to jointly form a Special Purpose Vehicle called as TAPI Ltd to be formed in a third country to carry out the task of appointment of Leader Consortium and any other related activity required.
This would be done after formal approvals of the respective governments. It was further decided that ADB would be appointed as Transaction Advisor for the project. Turkmenistan also agreed that it would allow a swap of already producing off-shore gas fields in the Caspian Sea to further advance and commit the gas flow date. This has generated a lot of confidence of the off-take countries in this project.