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Business Recorder
14-05-2025
- Business
- Business Recorder
Pakistan, Russia agree to establish new steel mills in Karachi
ISLAMABAD: In a bid to boost-up bilateral relations Russia and Pakistan have agreed to establish a new steel mill in Karachi. The development came here during a follow up meeting between Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan and a Russian delegation led by Denis Nazaroof, a visiting representative of Russia. The Russian official assured Pakistan of his country's commitment to build a steel mill in Karachi, also inviting Pakistan to participate in an exhibition being organized by the Russian Ministry of Industry in Moscow. The Russian delegation informed the SAPM that a meeting on the same subject was held in September 2024, between Russia's Deputy Minister for Industry and Trade Aleksei Gruzdev with than Federal Minister for Industries and Production Rana Tanveer Hussain. At that time both the parties agreed to constitute a working group to move forward on a proposal of establishing a new steel mill in Karachi. New steel mills in Karachi: Pakistan, Russia agree to constitute working group The primary focus of the discussion was the establishment of new steel mills in Pakistan and both parties engaged in extensive talks on the potential collaboration between Pakistan and Russia in setting up a new steel mill in Karachi. The two countries agreed to form a joint working group to facilitate the development and implementation of this initiative. Akhtar Khan emphasised the prime minister's vision to increase investments in Pakistan. He highlighted that this is an opportune time for foreign investors to invest in the country, noting that Pakistan has evolved as a strong and safe destination for international investment and business. Furthermore, Khan underscored the potential for a remarkable collaboration between Pakistan and Russia in the steel industry, which could prove beneficial for both nations. 'Pakistan is a secure and thriving hub for investment, and the international community has recognised its potential,' said Khan. He also extended an invitation to all Russian businesspeople to explore investment opportunities in Pakistan. The meeting also marked an important step in further strengthening the ties between the two nations and opening new avenues for joint ventures in key sectors such as steel production. Pakistan has informed the Russian official that the government of Pakistan has earmarked 700 acres land of Pakistan Steel Mills (PSM) for establishing a new steel mill. He said despite being blessed with considerable reserves of iron ore with an estimated reserves of 1.887 billion tons, Pakistan is forced to import around $2.7 billion of iron and steel annually. There is a perpetual gap between domestic production and demand of iron and steel. For the last year, the gap is estimated at 3.1 million tons, Hussain added. Pakistan's per capita steel consumption level is below even those of developing countries indicating significant growth potential over medium and long term. He said efficiency of Pakistan's steel industry is limited as it is segmented (600 small units) and based on old inefficient technology. The proposed site is located at Karachi and is close to Port Qasim that reduces cost of transportation of raw materials. Pakistan's industrial and agricultural experts are set to visit Russia, marking a significant step in strengthening bilateral ties between the two nations. According to a recent report of the Ministry of Industries and Production submitted to the National Assembly, Pakistan has not yet entered into formal discussions about restoring PSM. However, following a meeting between President Asif Ali Zardari and Russian officials on April 4, 2024, where Russia offered assistance for PSM, Pakistan is also considering establishing a new steel mill. The report highlighted that a memorandum of understanding (MoU) signed in 2003 between Pakistan and Russia aimed to revive and expand PSM, leading to an agreement with Tyazhprom export Russia. This company helps foreign countries with the design, construction, and modernisation of metallurgical plants and related enterprises. Another MoU in 2013 involved a request for a $1 million credit facility from Russia. Copyright Business Recorder, 2025
Express Tribune
22-02-2025
- Business
- Express Tribune
Sugar board discusses Ramazan price stability
Listen to article A meeting of the Sugar Advisory Board, chaired by Federal Minister for Industries and Production, Rana Tanveer Hussain, was held to discuss the availability, price stability, and public relief measures for sugar during the month of Ramazan. A press release issued on Friday outlined key decisions taken to ensure sugar remains affordable for the public during the holy month. The board announced that sugar stalls will be set up at the municipal level, where sugar will be available at a fixed rate of Rs130 per kg. To ensure easy access to this subsidised sugar, the chief secretaries of all provinces were instructed to quickly establish these stalls in their cities. A total of 230 stalls will be set up in Sindh, 405 in Khyber-Pakhtunkhwa, and additional stalls in Punjab and Balochistan. This move aims to facilitate the common man and prevent hoarding and price manipulation. The provincial governments will be responsible for managing the security, cleanliness, and crowd control at these stalls. Tanveer directed that the uninterrupted supply of sugar should be guaranteed until the 27th of Ramazan. He emphasised that the initiative is designed to directly benefit the public, and a special committee will be formed to address any issues promptly. The government is also working closely with the Pakistan Sugar Mills Association (PSMA) and provincial governments to ensure full cooperation and a smooth sugar supply chain. Special security measures will be taken in Balochistan and K-P to guarantee the safe transportation and distribution of sugar to the stalls.
Express Tribune
16-02-2025
- Business
- Express Tribune
Govt plans subsidised sugar stalls for Ramazan
ISLAMABAD: The federal government has decided to set up stalls across the country to sell sugar at Rs130 per kilogramme. The decision was taken during a meeting of the Sugar Advisory Board, chaired by Federal Minister for Industries and Production Rana Tanveer Hussain. The meeting, attended by PSMA, provincial secretaries and cane commissioners, approved the establishment of municipal-level stalls starting three days before Ramazan until the 27th of Ramazan. Sugar will be available in one- and two-kilogramme packets, with a purchase limit of 5kg per person upon presenting a national identity card. Federal ministers and chief secretaries will oversee the stalls to ensure consumers receive sugar at an affordable price. The meeting came as speculative trade in sugar has begun pushing prices of the sweetener up even before the arrival of Ramazan and during the sugarcane crushing season. Sugar prices have registered a Rs12 per kg increase during the last week in city markets as a 50kg bag of the commodity in the local market has reached Rs7,400 after an increase of Rs600. According to the report, the price of sugar per kilogramme in the wholesale market has increased from Rs136 to Rs148, while it is being sold at Rs150 per kg by retailers. Usually, rates of the sweetener come down during the crushing season. But this season the situation is contrary and rates are going up though the crushing season is in full swing. In December 2024, the ex-mill rate of sugar was Rs125 per kg, but it has now jumped to Rs140 to 143, says a spokesperson for the Sugar Dealers Association. He says that the ex-mill rate for February is being pitched at Rs145. He says export of sugar and artificial shortage of the commodity is responsible for the price hike. He fears that if the situation is not controlled, there is a risk that the price of sugar will go up further in the month of Ramazan.
Express Tribune
15-02-2025
- Business
- Express Tribune
Sugar to be sold at Rs130 kg in Ramadan
Listen to article The Sugar Advisory Board, chaired by Minister for Industries and Production Rana Tanveer Hussain, has decided to cap sugar prices at Rs 130 per kilogram during Ramadan to ensure affordability for consumers. The decision was made in a high-level meeting attended by representatives from the Pakistan Sugar Mills Association, provincial secretaries, and cane commissioners. Authorities have also approved the establishment of special sugar stalls three days before Ramadan, which will remain operational until 27th Ramadan. The sugar will be available in one and two-kilogram packs, and each identity card holder will be allowed to purchase up to five kilograms. To prevent price manipulation and ensure fair distribution, the stalls will be monitored by federal ministers and chief secretaries. The initiative aims to provide financial relief to the public amid rising commodity prices, ensuring stable sugar supply throughout the holy month.
Express Tribune
31-01-2025
- Business
- Express Tribune
Govt assures no sugar price hike during Ramadan
Listen to article Minister for Industries and Production Rana Tanveer Hussain has said sugar prices will not be allowed to increase during Ramadan, according to Radio Pakistan . Chairing a meeting to review sugar prices in Islamabad on Friday, he said providing relief to consumers during Ramadan is responsibility of the government. Hussain said sugar millers have been given a one-week time for consultation on sugar prices and final rates of the commodity will be announced on Thursday. The minister said farmers should be included in the profit and sugar millers should play their role in addressing production and financial issues of agriculturists. Earlier this week, the Utility Stores Corporation (USC) raised the price of sugar by Rs5 per kilogram. According to sources, the price of sugar at Utility Stores has been increased from Rs140 to Rs145 per kilogram. The decision to increase the price was made due to rising prices in the open market. However, despite this increase, sugar at Utility Stores remains cheaper than in the open market.
