Russia ready to help Pakistan's steel plant

Pakistan Steel Mills, headquartered in Karachi, built with the participation of the Soviet Union in 1970, is the largest industrial plant with a production capacity of 1-5 million tons of steel and iron foundries. Now the plant is unprofitable and suffers from disputes arising in connection with its privatization.

Russian Ambassador to Islamabad Alexei Dedov said that Russia is ready to restore the Pakistani plant (PSM), and in the case of its privatization, Moscow will think it over before making a decision. "We have demonstrated our readiness to modernize the metallurgical plant. In general, we are ready to participate in the reconstruction of PSM. But, with regard to the acquisition of shares, firstly, the Pakistani government must decide what to do with this plant - repair or privatize," said Alexey Dedov in a media interview.

When asked about the construction of a floating liquefied natural gas (LNG) terminal in Qasim and a gas pipeline, he said: “These projects are also in our area of ​​interest, and we are already participating in them. It is still necessary to discuss some practical steps during our negotiations. but the process has already started. "Our company, Global Resources, is already negotiating with the Pakistani side regarding this gas pipeline from Qasim to the north, and this gives hope that practical results will be achieved."

On the issue of increasing trade between the two countries, he said that there is still a very old problem of "unresolved mutual debt obligations" in the amount of $ 120 million. The finance ministries of the two sides are working in this direction to sort it out. "Until the problem is resolved, Russia cannot provide government guarantees for loans. Some Pakistani companies supplied goods to Russian firms, but they were not paid for." However, he said that the ministries of the two countries agreed to prepare a draft agreement to resolve this issue.