ID :
172268
Thu, 03/31/2011 - 17:48
Auther :
Shortlink :
http://m.oananews.org//node/172268
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Korean firm shows interest to invest in Pakistan
Islamabad, March 31, 2011 (PPI): A Korean firm, POSCO, global player in steel, energy and IT sectors has shown interest in investment in Pakistan.
A six-member delegation of the firm has detailed discussion with CEO, Engineering Development Board (EDB), Aitazaz A. Niazi, here Thursday. The visitors were given in-depth presentation on steel sector of Pakistan. A case for establishment of steel mill at Kalabagh was presented to them. They were told that the total installed capacity of long-products in steel sector is around 4 million tons while that of flat products is 1.19 million tons per annum, against demand of more than 6 million tons. The gap between demand and supply is met through imports. It is expected that the demand for steel products will be around 14.00 million tons against the supply of around 10 million tons in the year 2015.
It was emphasized that Kalabagh is a natural site for establishment of a steel mill by virtue of availability of necessary raw materials like iron ore, coal, dolomite etc. within in 13 KM radius. The proven reserves of iron ore at Kalabagh are around 350 million tons. The delegation asked searching questions about infrastructure available at Kalabagh including availability of fuel and energy. It was agreed that a technical team of the firm will later on visit Kalabagh in order to assess feasibility of establishing a steel mill there.
The details of iron ore mines in Pakistan along with reserves and iron ore grades were also provided to the visitors. It was suggested that the firm may like to invest independently in the development of any one of the mine or go for joint venture with local company.
The visitors were informed that the iron and steel sector in Pakistan do not have common platform for research and development activity to ensure production of standardized and quality products. The private sector industrialists realizing the deficiency of this critical requirement, joined hands to establish an institution with name and style Pakistan Iron and Steel Institute (PIASI). The proposed mission and objectives of the institute were also explained to the visitors and requested to provide assistance in establishment of the institute by way of equity participation, technical assistance and providing equipment for testing laboratory.
Earlier, the delegation had a meeting with Secretary, Ministry of Industries and Production, Abdul Ghaffar Soomro and heads of Heavy Mechanical Complex, Pakistan Steel Mills and other units. Senior officers of the Ministry and Privatization Commission were also present. The visitors were briefed about various expansion projects of the units and invited to collaborate. A documentary about the growth of the firm into a global player was also shown to the participants.
A six-member delegation of the firm has detailed discussion with CEO, Engineering Development Board (EDB), Aitazaz A. Niazi, here Thursday. The visitors were given in-depth presentation on steel sector of Pakistan. A case for establishment of steel mill at Kalabagh was presented to them. They were told that the total installed capacity of long-products in steel sector is around 4 million tons while that of flat products is 1.19 million tons per annum, against demand of more than 6 million tons. The gap between demand and supply is met through imports. It is expected that the demand for steel products will be around 14.00 million tons against the supply of around 10 million tons in the year 2015.
It was emphasized that Kalabagh is a natural site for establishment of a steel mill by virtue of availability of necessary raw materials like iron ore, coal, dolomite etc. within in 13 KM radius. The proven reserves of iron ore at Kalabagh are around 350 million tons. The delegation asked searching questions about infrastructure available at Kalabagh including availability of fuel and energy. It was agreed that a technical team of the firm will later on visit Kalabagh in order to assess feasibility of establishing a steel mill there.
The details of iron ore mines in Pakistan along with reserves and iron ore grades were also provided to the visitors. It was suggested that the firm may like to invest independently in the development of any one of the mine or go for joint venture with local company.
The visitors were informed that the iron and steel sector in Pakistan do not have common platform for research and development activity to ensure production of standardized and quality products. The private sector industrialists realizing the deficiency of this critical requirement, joined hands to establish an institution with name and style Pakistan Iron and Steel Institute (PIASI). The proposed mission and objectives of the institute were also explained to the visitors and requested to provide assistance in establishment of the institute by way of equity participation, technical assistance and providing equipment for testing laboratory.
Earlier, the delegation had a meeting with Secretary, Ministry of Industries and Production, Abdul Ghaffar Soomro and heads of Heavy Mechanical Complex, Pakistan Steel Mills and other units. Senior officers of the Ministry and Privatization Commission were also present. The visitors were briefed about various expansion projects of the units and invited to collaborate. A documentary about the growth of the firm into a global player was also shown to the participants.
