Latest news with #Pakistan-Russia
&w=3840&q=100)
Business Standard
12-07-2025
- Business
- Business Standard
Pak, Russia sign agreement to revive Pakistan Steel Mills project
Pakistan and Russia have signed an agreement to restore and modernise the Pakistan Steel Mills project, marking a new chapter in cooperation between the two countries, according to media reports. China was also in the race for getting the contract for the Pakistan Steel Mills (PSM) project that was originally built with Soviet assistance. The agreement to revive the PSM in Karachi was signed at the Pakistan Embassy in Moscow on Friday, state-run Associated Press of Pakistan (APP) reported. The project aims to restart and expand steel production, marking a new chapter in bilateral cooperation, the APP said. Special Assistant to Prime Minister Haroon Akhtar Khan, who is currently on a visit to Russia, said, "Reviving the PSM with Russia's support reflects our shared history and commitment to a stronger industrial future." The PSM was originally built with assistance from the former Soviet Union in 1971, and had remained a lasting symbol of Pakistan-Russia ties, a statement issued by Press Information Department said. The PSM had started crumbling in 2008, with thousands of new appointments and global recession among the factors for the downfall, The Express Tribune newspaper reported. The steel mill recorded a loss of PKR 16.9 billion in 2008-09, which jumped to PKR 118.7 billion in five years. Successive governments of the Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N), which had been in power from 2008 to 2018, had failed to efficiently run this industrial behemoth. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Express Tribune
11-07-2025
- Business
- Express Tribune
Pakistan, Russia sign protocol to revive PSM
China appeared to be out of the race for getting the contract for the revival of Pakistan Steel Mills (PSM) as Pakistan and Russia signed a protocol on the matter on Friday aimed at restarting and expanding steel production in the country and marking a new chapter in Pak-Russian cooperation. The protocol to restore and modernise the PSM in Karachi was signed by Industries Secretary Saif Anjum and General Director of Industrial Engineering LLC Vadim Velichko at the Pakistan Embassy in Moscow, according to a statement issued here. The signing ceremony was witnessed by Special Assistant to Prime Minister Haroon Akhtar Khan, Pakistan's Ambassador to the Russian Federation Muhammad Khalid Jamali and others. Khan is currently on a visit to Russia with a mission to seek assistance for the revival of the PSM. "Reviving the PSM with Russia's support reflects our shared history and commitment to a stronger industrial future," Khan said, according to the statement. It said that the PSM was originally built with assistance of former Soviet Union in 1971, and had remained a lasting symbol of Pakistan-Russia ties. The PSM had started crumbling in 2008. A major reason behind the mill's failure was thousands of new appointments, global recession as well as other factors. The PSM recorded a loss of Rs16.9 billion in 2008-09, which jumped to Rs118.7 billion in five years. Successive governments of the Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N), which had been in power from 2008 to 2018, had failed to efficiently run this industrial behemoth, whose financial woes continued due to all time high losses. Later, the Pakistan Tehreek-e-Insaf (PTI) government launched an initiative to revive it, triggering a race between China and Russia to get the contract. Initially, the PTI government was tilted towards China and had started negotiations with a Chinese firm but the talks could not materialise. The Russians, on the other hand, had claimed that since the project had been built by them with the Russian technology; therefore, they were in the best place to find solution to the problems of the sick unit and make it up and running again. The PSM had cumulative profit of Rs9.54 billion up to financial year 2007-08 during the tenure of the then president Pervez Musharraf. Over the next 10 years, its losses continued to swell, reaching Rs200 billion at the end of its tenure on May 31, 2018. Liquidity crunch in the country, import of steel products at lower prices and closure of production units because of gas outages were among the major drawbacks the PSM faced. A flood of cheap steel imports from China also created hurdles in the way of smooth functioning of the PSM. In a meeting of the Economic Coordination Committee (ECC) on March 19, 2016, the Industries Ministry officials held the view that the Pakistan-China free-trade agreement (FTA) - in force since 2007 - was responsible for the PSM's financial collapse. During the PML-N government tenure, a Rs18.5-billion bailout was approved and the industries ministry was tasked with increasing the PSM's capacity utilisation to 77% - the break-even point - by January 2015 so that it could be put up for sale.
Time of India
04-07-2025
- Business
- Time of India
Pakistan-Russia transport agreement: Strategic rail, road project aims to link South Asia with Eurasia, warm-water ports
AI image Pakistan and Russia have agreed to jointly develop an extensive rail and road network to link South Asia with Central Asia and Russia, aiming to give landlocked nations direct access to warm-water ports. The move is seen as a strategic step toward speeding up infrastructure projects across the region to enhance trade and promote economic integration. The agreement was reached during a meeting between Pakistan's federal minister for communications Abdul Aleem Khan and Russian deputy minister of transport Andrey Sergeyevich Nikitin on the sidelines of the Shanghai Cooperation Organisation (SCO) ministerial conference in Tianjin, China, reported PTI. The goal is to position Pakistan as a key transit hub by improving logistical routes and trade corridors extending toward Russia and Central Asia. Minister Khan shared that Pakistan is upgrading its transport infrastructure with measures such as digitisation, barrier-free motorways, mandatory e-tagging and extensive CCTV surveillance. These reforms aim to streamline cross-border trade and improve regional connectivity. Deputy minister Nikitin acknowledged the value of Pakistan-Russia collaboration in reshaping regional trade and confirmed Russia's commitment to joint transport and infrastructure initiatives with Islamabad. In a related regional development, Pakistan and Afghanistan have agreed to expedite the Uzbekistan-Afghanistan-Pakistan (UAP) rail project. Pakistan's deputy PM Ishaq Dar and Afghanistan's acting FM Amir Khan Muttaqi discussed the project over a phone call, agreeing to work towards finalising a framework agreement. The railway project is seen as a crucial step toward connecting Pakistan with Central Asia through Afghanistan, enhancing regional interconnectivity and trade prospects. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
04-07-2025
- Business
- NDTV
Pakistan, Russia To Expand Connectivity For Access To Warm Waters: Report
Islamabad: Pakistan and Russia have agreed to collaborate on establishing a robust rail and road network to link the South Asian country with Central Asia and Russia, providing landlocked states direct access to warm waters, a media report said on Friday. Federal Minister for Communications Abdul Aleem Khan and Russian Deputy Minister of Transport Andrey Sergeyevich Nikitin, on the sidelines of the Shanghai Cooperation Organisation (SCO) ministerial conference in Tianjin, China, agreed to accelerate infrastructure development across the region to facilitate trade and economic integration. The initiative aims to transform Pakistan into a strategic transit hub by enhancing trade corridors and logistical routes extending to Russia and Central Asia, Geo News reported. Highlighting Pakistan's ongoing modernisation efforts, Khan said the country was digitising its transport infrastructure, introducing barrier-free motorways, mandatory e-tagging, and comprehensive CCTV surveillance. He said the reforms were part of Pakistan's broader goal to optimise regional connectivity and cross-border trade. Deputy Minister Nikitin acknowledged the potential of Pakistan-Russia cooperation in transforming regional trade dynamics and reaffirmed Moscow's commitment to pursuing joint transport and infrastructure projects with Islamabad. Pakistan and Afghanistan last month agreed to advance the Uzbekistan-Afghanistan-Pakistan (UAP) rail project, a key step toward regional connectivity. Deputy Prime Minister and Foreign Minister Ishaq Dar and Afghanistan's Acting Foreign Minister Amir Khan Muttaqi, in a telephonic conversation, agreed to work closely for an early finalisation of the framework agreement. The railway project to link Pakistan with Central Asia through Afghanistan is vital in improving interconnectivity in the region.
&w=3840&q=100)
Business Standard
04-07-2025
- Business
- Business Standard
Pak, Russia to expand road, rail connectivity for access to warm waters
Pakistan and Russia have agreed to collaborate on establishing a robust rail and road network to link the South Asian country with Central Asia and Russia, providing landlocked states direct access to warm waters, a media report said on Friday. Federal Minister for Communications Abdul Aleem Khan and Russian Deputy Minister of Transport Andrey Sergeyevich Nikitin, on the sidelines of the Shanghai Cooperation Organisation (SCO) ministerial conference in Tianjin, China, agreed to accelerate infrastructure development across the region to facilitate trade and economic integration. The initiative aims to transform Pakistan into a strategic transit hub by enhancing trade corridors and logistical routes extending to Russia and Central Asia, Geo News reported. Highlighting Pakistan's ongoing modernisation efforts, Khan said the country was digitising its transport infrastructure, introducing barrier-free motorways, mandatory e-tagging, and comprehensive CCTV surveillance. He said the reforms were part of Pakistan's broader goal to optimise regional connectivity and cross-border trade. Deputy Minister Nikitin acknowledged the potential of Pakistan-Russia cooperation in transforming regional trade dynamics and reaffirmed Moscow's commitment to pursuing joint transport and infrastructure projects with Islamabad. Pakistan and Afghanistan last month agreed to advance the Uzbekistan-Afghanistan-Pakistan (UAP) rail project, a key step toward regional connectivity. Deputy Prime Minister and Foreign Minister Ishaq Dar and Afghanistan's Acting Foreign Minister Amir Khan Muttaqi, in a telephonic conversation, agreed to work closely for an early finalisation of the framework agreement. The railway project to link Pakistan with Central Asia through Afghanistan is vital in improving interconnectivity in the region. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
