ISLAMABAD:
Though Russian President Vladimir Putin has put off a planned visit, Pakistan and Russia have signed three memoranda of understanding (MoUs) for rehabilitating sick units Pakistan Steel Mills, Pakistan Railways and thermal power plants, a signal to the world that cooperation between the two countries is going on.
Formal contracts in this regard will be signed by governments of the two countries.
However, there was no progress on constructing the pipeline for the Iran-Pakistan gas import project during talks held with a visiting Russian delegation.
The delegation, comprising heads of prominent Russian companies, has been on a visit to Pakistan since September 30 and the trip will end on October 3. The two countries have held discussions about the prospects of cooperation in the fields of railways, water and power and the framework cooperation agreement with Genco Holding Company and Pakistan Steel Mills.
Addressing a press conference here on Tuesday along with Chief Trade Representative of Russia in Pakistan Yuri M Kozlov, Board of Investment (BOI) Chairman Saleem H Mandviwalla said Pakistan was also going to revise the Bilateral Investment Treaty (BIT) with Russia in an effort to enhance trade and promote cooperation in expansion of the steel mill, improvement of railways and conversion of thermal power plants from oil to coal.
The Russian ambassador was also scheduled to join Mandviwalla at the press conference, but he did not turn up.
Mandviwalla acknowledged that Pakistan and Russia had been negotiating deals on defence and Iran-Pakistan gas pipeline, but these subjects were not touched during the current visit of the Russian delegation. However, he stressed that the signing of MoUs suggested that planned cooperation between the two countries was continuing.
Russia will provide assistance amounting to $300 to $500 million for expanding production capacity of the steel mill to 1.5 million tons, Mandviwalla said. A formal agreement will be signed in two months.
It will deal mainly with cooperation in modernisation, reconstruction and expansion of production capacity of Pakistan Steel Mills, he said, recalling Russian firm Tyazhpromexport had helped Pakistan establish the mill.
After signing the MoU, a Russian company will conduct a technical audit of the mill, he added. Calling the mill a symbol of Pakistan-Russia bilateral relations, he said the expansion and rehabilitation project would surely lead to economic development in the country.
In order to upgrade Pakistan Railways, a delegation of Russian firm Transmashholding has already visited Pakistan and conducted meetings with the railway secretary in April. During the talks, they were informed about tenders for supply of passenger coaches for the railways and the need for exploring opportunities to cooperate with Pakistani manufacturers in the production of coaches. The Russian firm also invited officers of Pakistan Railways to visit their facilities in Russia.
In the water and power sector, Russia has expressed interest in investing in many projects keeping in view the power shortage in Pakistan.
The MoU between Russias Technopromexport and Pakistans Genco Holding Company will help convert Muzaffargarh plants into ones based on imported coal and help construct New Jamshoro Power Plant having planned capacity of 500 to 600 megawatts. Russia is also interested in Tarbela-4 and Keyal Khwar projects.
Speaking on the occasion, the chief trade representative of Russia stressed that Pakistan and Russia had conducted successful discussions and the signing of MoUs would help enhance mutual cooperation.
Lending a helping hand: Russia to help Pakistan revive sick units – The Express Tribune
Though Russian President Vladimir Putin has put off a planned visit, Pakistan and Russia have signed three memoranda of understanding (MoUs) for rehabilitating sick units Pakistan Steel Mills, Pakistan Railways and thermal power plants, a signal to the world that cooperation between the two countries is going on.
Formal contracts in this regard will be signed by governments of the two countries.
However, there was no progress on constructing the pipeline for the Iran-Pakistan gas import project during talks held with a visiting Russian delegation.
The delegation, comprising heads of prominent Russian companies, has been on a visit to Pakistan since September 30 and the trip will end on October 3. The two countries have held discussions about the prospects of cooperation in the fields of railways, water and power and the framework cooperation agreement with Genco Holding Company and Pakistan Steel Mills.
Addressing a press conference here on Tuesday along with Chief Trade Representative of Russia in Pakistan Yuri M Kozlov, Board of Investment (BOI) Chairman Saleem H Mandviwalla said Pakistan was also going to revise the Bilateral Investment Treaty (BIT) with Russia in an effort to enhance trade and promote cooperation in expansion of the steel mill, improvement of railways and conversion of thermal power plants from oil to coal.
The Russian ambassador was also scheduled to join Mandviwalla at the press conference, but he did not turn up.
Mandviwalla acknowledged that Pakistan and Russia had been negotiating deals on defence and Iran-Pakistan gas pipeline, but these subjects were not touched during the current visit of the Russian delegation. However, he stressed that the signing of MoUs suggested that planned cooperation between the two countries was continuing.
Russia will provide assistance amounting to $300 to $500 million for expanding production capacity of the steel mill to 1.5 million tons, Mandviwalla said. A formal agreement will be signed in two months.
It will deal mainly with cooperation in modernisation, reconstruction and expansion of production capacity of Pakistan Steel Mills, he said, recalling Russian firm Tyazhpromexport had helped Pakistan establish the mill.
After signing the MoU, a Russian company will conduct a technical audit of the mill, he added. Calling the mill a symbol of Pakistan-Russia bilateral relations, he said the expansion and rehabilitation project would surely lead to economic development in the country.
In order to upgrade Pakistan Railways, a delegation of Russian firm Transmashholding has already visited Pakistan and conducted meetings with the railway secretary in April. During the talks, they were informed about tenders for supply of passenger coaches for the railways and the need for exploring opportunities to cooperate with Pakistani manufacturers in the production of coaches. The Russian firm also invited officers of Pakistan Railways to visit their facilities in Russia.
In the water and power sector, Russia has expressed interest in investing in many projects keeping in view the power shortage in Pakistan.
The MoU between Russias Technopromexport and Pakistans Genco Holding Company will help convert Muzaffargarh plants into ones based on imported coal and help construct New Jamshoro Power Plant having planned capacity of 500 to 600 megawatts. Russia is also interested in Tarbela-4 and Keyal Khwar projects.
Speaking on the occasion, the chief trade representative of Russia stressed that Pakistan and Russia had conducted successful discussions and the signing of MoUs would help enhance mutual cooperation.
Lending a helping hand: Russia to help Pakistan revive sick units – The Express Tribune
