Russia and Pakistan have inked the largest-ever cooperation deal, worth billions of dollars, to expand trade and business, which includes huge investments in energy, rail and steel industries.The deal comes as a 64-member delegation, led by Russian Minister of Industry and Trade Denis Manturov, visited Pakistan on an official four-day visit.
As part of the agreement, Russia will provide financial assistance worth $1 billion for the rehabilitation and upgrading of the Pakistan Steel Mills (PSM) project.
The two sides also discussed investments in the much-delayed North-South gas pipeline. Russian companies are expected to build a gas pipeline from Karachi in the south to Lahore in the north-east to transport imported natural gas to meet the region’s energy demands.
A Russian company has developed a project to convert the Muzaffargarh thermal power station to coal and establish a 600-megawatt coal-fired power plant at Jamshoro.
According to sources Moscow will also help to construct a railway track from Quetta to Taftan.
Earlier this month, Pakistan and Russia signed an agreement on the settlement of mutual financial claims and commitments on operations of the former Soviet Union, whereby Pakistan repaid a $93.5 million debt to Russia.
