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Dar says Russian company offered for reforming Karachi Steel Mills

ISLAMABAD: Finance Minister Ishaq Dar on Tuesday said the Russia company that set up Karachi Steel Mills had offered to extend support for restructuring of the Mills and its expansion programme, ARY News reported.

“A Russian bank offered $ 1 billion for restructuring of the Mills and other projects,” he told a press conference here.

He said Russia had banned agricultural products from Europe in reaction to sanctions imposed on his country, providing a window of opportunity to our farmers and businessmen.

He said Russia used to import agricultural products worth $ 16 billion from Europe and Pakistan can capture a share from it.

The Minister said during his recent visit to Russia, fruitful talks were held for mutual cooperation in trade, industry and investment.

Dar said Pakistan had proposed to the company to consider joining a strategic partner in the Steel Mills through a transparent process.

He said the two countries had also agreed to promote cooperation in the banking sector.

He said the government has offered to facilitate resolution of 17 year old trade dispute between private sector of Pakistan and the Russian Government by next month.

He said Russia has also offered cooperation in CASA-1000 and TAPI gas pipeline projects.

He was of the view that the target of $ 15 billion foreign exchange reserves would be achieved by December 31.

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