ISLAMABAD  - With an objective to meet the potential project sponsor for participating in the TAPI Pipeline Project, three roadshows have been organised in Singapore, New York City and London.

The first roadshow was held in Singapore on September 11 while the second was held in New York on Sep 13-14. The third one was held in London which started on Sep 17 and concluded on Sep 20, said a press release.

The road shows were coordinated by Asian Development Bank (ADB) and attended by representatives from Turkmenistan, Afghanistan, Pakistan and India. The Pakistani delegation was represented by Mobin Saulat, Managing Director, Inter State Gas System (ISGS) and a team comprising technical, commercial and legal experts from ISGS.

The Singapore roadshow was well received by the market and renowned companies and Financial Institutions such as Petronas, Temasek and State Bank of India attended the roadshow.The invitees were given a comprehensive presentation by ADB and TAPI members on overall structure of the project, supply source, the market demand in Afghanistan, Pakistan and India.

The invitees were also updated on the current status and way forward. Pakistan side during the interaction with the roadshow invitees updated them that Pakistan has recently launched new Petroleum Policy 2012.

The salient features of Petroleum Policy such as improved and more incentivised pricing mechanism were described. The companies expressed interest in the policy.The New York roadshow was attended by world’s leading IOCs such as Chevron and Exxon Mobile and leading financial institutions CITI Group and US Exim. All the participants expressed keen interest in the project. The London roadshow continued from 17th to 20th September 2012. TAPI parties have met with British Petroleum, Shell, British Gas and Morgan Stanley.

The notable invitees for upcoming shows were Mubadala Group, Macquarie, RWE and Deutsche Bank. The Turkmenistan-Afghanistan- Pakistan-India (TAPI) Pipeline Project aims to export up to 33 billion cubic meters (bcm) of natural gas per year through a proposed approximately 1,800-kilometer (km) pipeline from Turkmenistan to Afghanistan, Pakistan and India.

The estimated cost of the project is $7.6 billion based on pre-feasibility study done by Penspen. The signing of the Gas Pipeline Framework Agreement (GPFA), Inter-Government Agreement (IGA), and Heads of Agreement (HoA) relating to Gas Sales and Purchase Agreement (GSPA) of the project was achieved in December 2010.

A major milestone was achieved in May 2012 when Pakistan- Turkmenistan and India Turkmenistan bilateral GSPAs were inked on 23rd May 2012.

Turkmenistan-Afghanistan bilateral GSPA is in process of finalisation. In view of the project’s size and complexities, the Parties agreed that it is necessary to attract and select a consortium lead which can (i) attract financing, (ii) manage construction, and (iii) reliably operate the pipeline.

This need is enshrined in the GPFA which was signed in December 2010 by Heads of State in Ashgabat, Turkmenistan.