By Sameer Nazir
KARACHI: To strengthen Pak-China relationship under CPEC, a local Organization Jianbang Group of China and Pakistan have started investment of Rs. $ 12 million to produce pig iron at Port Qasim Karachi.
In a briefing to newsmen here on Saturday, Chairman of Jianbang Group, Wu Xianonian along with other partners of Pak China Steel, Lee Feelix, Pakistan Directors Jam Asif and Mustafa Dawood with Head of Marketing Sheharyar Khan and others announced a join venture of Pak-China steel.
Media persons briefed about it’s consortium and visited the plant, which was an operational since December 2018. During the presentation, they told that poduction capacity at plant is 8000 tons per month total, while at the current stage company is only producing 5000 tons.
They disclosed that blast furnace of 60 cubic meters have been installed since, which is the first existing private investment in this sector. The company also aims to install billet plant in future.
Chairman Jianbang Group, Xianonian Wu, told media persons that a joint venture of this project more strengthen relationship of Pak China friendship and great employment opportunities for Pakistan in future he said.
Responding to questions, they told that the formalities have been proprly fulfilled to launch of plant activities under environmental act.