Russia signs multibillion-dollar deal to invest in Pakistan’s steel industry

ISLAMABAD: Following its earlier pledge to invest $14 billion in Pakistan’s energy sector this year, Russia announced its intent to invest in the steel and railway industry as well, with both countries signing their biggest deal to help expand their bilateral relations.

invest with imarat

Islamabad’s emerging city centre

Learn More

Under the leadership of Russian Minister of Industry and Trade Denis Manturov, a 64-member delegation is currently on an official tour to Pakistan. Financial assistance amounting to $1 billion will also be provided to rehabilitate and upgrade the Pakistan Steel Mills (PSM) project.

In addition, the hurdles faced during the construction of the North-South gas pipeline were also discussed.  A grant of $2.5 billion was approved earlier by Russia, after which Russian companies will build a gas pipeline in order to transport natural gas from Karachi to Lahore.

The delegation also reviewed the Muzaffargarh thermal power station allotted to a Russian corporation. Under the project, the thermal power plant will be converted to establish a 600- megawatt coal-fired power plant at Jamshoro.

Construction of a railway track to connect Quetta to Taftan has also been undertaken by Moscow. The bilateral trade between both nations is set to surpass $700 million. As the imports from Russia stood at $250 million, Pakistani exports have amounted to $150 million.

For news and blogs, visit Graana.com.

Maham Tahir

Recent Posts

Exploring Kalabagh: The Historic City in Mianwali District

Kalabagh, a small yet historically significant town in Pakistan’s Punjab province, is located within the…

21 hours ago

Nazimabad Number 2: A Well-Known Residential Area in Karachi

Nazimabad Number 2 is a well-known neighbourhood in Karachi, Pakistan, renowned for its vibrant community,…

2 days ago

A Guide to Quetta Town in Karachi

Quetta Town is a residential neighbourhood located in the vibrant city of Karachi, Pakistan. Known…

3 days ago

Akbar Chowk Lahore: A Focal Point of Connectivity

Akbar Chowk in Lahore stands as one of the city’s most critical intersections, serving as…

4 days ago

A Guide to Khuda Baksh Colony Lahore

Khuda Baksh Colony, located near Bhatta Chowk in Lahore, is a rapidly developing residential area…

5 days ago

Gol Market Karachi: A Vibrant Commercial Hub

Gol Market in Karachi is one of the city's most iconic and bustling commercial centres.…

2 weeks ago