Pakistan, Russia to sign six agreements

Investment in potential sectors to be highlighted during Zardari’s visit.

ISLAMABAD:

Pakistan and Russia are likely to sign six Memoranda of Understanding (MoUs) during the forthcoming visit of President Asif Ali Zardari.

In this connection, Board of Investment (BOI) Chairman Saleem H Mandviwalla would be paying a brief visit to Russia to make advanced investment deals, before the visit of the president, said a statement issued by BOI on Monday.

An MoU between BOI and the Russian National Investment Agency is expected to be signed, along with five MoUs with Russian private and public companies.

Mandviwalla said that Russian investors would be informed about investment opportunities in certain projects including that of Pakistan Steel Mills, which needed soft credit for capacity expansion from 1.1 to 3 million tons per year in three stages.

Another project is related to oil and gas exploration and production, which includes supply of equipment/rigs, processing plants, technology for revival of dead wells, pipeline projects, advanced technology for gas supplies, LNG and LPG storage terminals.

Investment will also be sought for rail tracks, new and refurbished locomotives, advanced railway signaling system and train operation based on public-private partnership. Russians will also be invited to invest in hydropower production and wind and solar energy technology.

The government will highlight the potential for Thar underground gasification project, mining of iron ore, bauxite and copper and seek supply of mining equipment on credit with soft terms.

Published in The Express Tribune, May 10^th, 2011.