Pakistan to buy 8 submarines from #China in multibillion-dollar deal, report says

ISLAMABAD: Pakistan will buy eight submarines from China in a multibillion-dollar deal that will boost Pakistani navy’s maritime capabilities, media reported on Friday.

An agreement was reached here during a meeting between Pakistan finance minister Ishaq Dar and Xu Ziqin, president of state-owned China Shipbuilding & Offshore International Company Limited (SCOC) — the trade arm of China Shipbuilding Industry Corporation.

The two sides agreed in principle on the sale of eight submarines that China will provide to Pakistani navy, Express Tribune reported.

Sources in the country’s finance ministry, however, said the deal is subject to final review form higher authorities in Beijing, following which a formal agreement will be signed.

They also said that Pakistan would make payments in four instalments and the delivery will be made in coming years.