Tuwairqi Steel Mills Limited has signed a Memorandum of Understanding (MoU) with POSCO Engineering to promote local engineering services and infrastructure development in Pakistan. Addressing the signing ceremony, held here on Friday at Tuwairqi head office, Lee Geun Ha, Vice-President POSCO Engineering said that the MoU has set up an alliance between POSCO Engineering and TSML Engineering to meet the requirements of the relevant upcoming projects in Pakistan.
With signing of this MoU, POSCO Engineering will provide the necessary technical supervision and commissioning support to TSML-E in the future plans. While, TSML Engineering will serve as a Design & Fabrications Partner for POSCO's EPC needs in the region, he said.
"By signing this agreement, we are optimistically looking forward to a collaboration having great results, besides this we also recognise the potential of growth in Pakistan, and through our mutual efforts, we will undertake infrastructure projects where POSCO will offer complete technical supervision and commissioning support," he added.
POSCO Engineering is currently interested in pursuing projects related to infrastructure in the energy, power and civil infrastructure, he said. Zaigham Adil Rizvi, Director Projects TSML termed this agreement a great achievement adding that under this MOU TSML-Engineering will provide market intelligence to POSCO in related projects. In addition, through this agreement two companies will also work on a number of large-scale engineering projects, he said.
Tuwairqi Steel Mills is already taking several initiatives to utilise maximum domestic sources and as part of these efforts, TSML will also procure local iron ore, he added. "POSCO - the world's third-largest steel manufacturer has already singed a JV agreement with Al-Tuwairqi Holding of Saudi Arabia for the project of Tuwairqi Steel Mills Limited," he said. Tuwairqi is Pakistan's first private sector integrated steel manufacturing facility located at Port Qasim, he added. Lee Geun Ha and Director Projects TSML Zaigham Adil Rizvi signed the agreement.