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

Islamabad’s Capital Hospital to Be Upgraded Under CDA-ADB Agreement

ISLAMABAD: The Capital Development Authority (CDA) and the Asian Development Bank (ADB) have entered into…

5 days ago

CDA to Issue Possession Letters for E-12 Sector After Eid

Islamabad: The Capital Development Authority (CDA) has announced plans to issue possession letters to allottees…

1 week ago

Graana.com Announces Property Festival 2025 to Revitalize Islamabad’s Real Estate Sector

Islamabad, [24 March 2025] – Graana.com, Pakistan's leading online real estate marketplace, is proud to…

1 week ago

Graana.com Proudly Partners with IAP for Graana Property Festival 2025

Islamabad, Pakistan – March 2025: Graana.com, Pakistan’s leading real estate platform, has proudly partnered with…

2 weeks ago

Sindh Government Reviews Measures to Regulate Real Estate Sector

KARACHI: Sindh Local Government Minister Saeed Ghani chaired a meeting on Monday to review measures…

2 weeks ago

Islamabad to Welcome a Modern Food Street in Blue Area

ISLAMABAD: The Capital Development Authority (CDA) has unveiled plans to develop a modern food street…

3 weeks ago