Govt wants production capacity of PSM atleast 3MMTY: Bijarani

ISLAMABAD, April 19, 2011 (PPI): A meeting to discuss the Balancing, Modernization, Re-vamping and Extension (BMRE) of Pakistan Steel Mills (PSM) through Russian technical assistance was held here today. Federal Minister for Industries and Production Mir Hazar Khan Bijarani presided over the meeting.

The main purpose of the meeting was to discuss various aspects in detail regarding above mentioned subject and prepare a workable MoU expected to be signed during the expected visit of President Asif Ali Zardari to Russia next month.

It has been decided in the meeting that a proposal be worked out for the expansion of PSM to its production capacity up to 3 Millions Metric Tons per Year (MMTY). It is pertinent to mention here that PSM, at present, has the maximum production capacity of 1.1MMTY. The MoIP would finalize this proposal within two days in consultation and consensus with all other public sector stake holders. Russian Ambassador to Pakistan Andrey Sergeevich BUDNIK also attended this meeting. He also gave valuable suggestions on behalf of the Russian Government on BMRE of Pakistan Steel. The terms and conditions of Technical and Financial assistance offered by the Russia would be finalized by both the governments once the draft of proposed MoU is forwarded to Russian Embassy.

The Proposed MoU, if both the governments agreed on BMRE of PSM, would be signed by the Ministry of Industries and Production of Pakistan and Economic Development Ministry of Russia during the forthcoming visit of President Asif Ali Zardari to Russia.

Chairman Board of Investment (BoI) Saleem Mandviwala, Secretary Industries, Secretary BoI, Secretary Privatization, ED BoI, acting CEO PSM and senior officers from EAD and Foreign Affairs and other public stake holders also attended this meeting.