Those bad commies..!!!
http://www.dailytimes.com.pk/default.asp?page=story_4-4-2004_pg5_5
China to finance $700m PSM project
BEIJING: China Metallurgical Construction Corporation (MCC) has reiterated its willingness to provide financial and technical assistance for increasing the production capacity of Pakistan Steel. And according to sources, the Chinese government has already assured Pakistan for arranging finances of $700 million for the Pakistan steel expansion project.
“We are in process of negotiation with the officials of Pakistan Steel and we hope to finalize the deal for undertaking the expansion project,” said Fengshan Wu, vice president of MCC.
He told APP in Beijing that they have already started preparing an expansion design of the proposed project. “We are waiting the response of the Pakistani side to take further steps,” he added.
Mr Fengshan assured that the MCC will extend all possible support making the development project of Pakistan Steel a real success.
“While doing business with Pakistan, we always kept high the spirit of friendship, trust and sincerity”, he remarked.
He said they also looking forward discussing the matter with Lt Gen Abdul Qayyum, the new chairman Pakistan Steel Mills. The MCC would provide latest technology and expertise for the expansion at a minimum possible cost. China is not only in a position to carry out expansion plan in most economical manner but it is also capable of transferring the latest technology. —APP