ISLAMABAD: Chief of the Pakistan Naval Staff, Admiral Naveed Ashraf, has said this month eight Hangor-class submarines built for Pakistan by China would be included in the South Asian country’s fleet “very soon.”
The joint construction of eight Hangor-class submarines is a key project in China-Pakistan naval cooperation. This type of submarine is equipped with the latest weapons and sensors and with an air independent propulsion (AIP) system on board, the submarine has significantly enhanced submerged endurance capabilities.
Pakistan signed a contract with China to procure eight Hangor-class conventional submarines in 2015, with the first four to be constructed by China and the other four to be assembled by Pakistan under a technology transfer agreement. The plan was that Pakistan will obtain the eight advanced submarines between 2022 and 2028. In December 2021, the fifth Hangor-class conventional submarine, also the first one built in Pakistan, officially received a steel cutting ceremony.
In an interview to China’s Global Times newspaper this month, Ashraf said the Hangor-class submarines would “significantly enhance” Pakistan’s naval capabilities, improving stealth, maneuverability and firepower.
“The project is proceeding as per the timeline. We expect that these submarines will join the Pakistan Navy fleet very soon,” Ashraf said.
The initial Hangor delivery timetable would have seen the four Chinese-built submarines delivered by 2023. But there have been widespread reports that Germany had refused to approve export licenses for its MTU 396 diesel engine, which the submarine was designed to use. The German government had also declined to grant export licenses for its engines in regard to Thailand’s order of the S-26T, a variant of the Chinese Type 039B submarine. The Thai deal eventually fell through.
Neither Germany nor Pakistan have confirmed whether export clearance was ultimately approved or denied.
When Pakistan’s Ministry of Defense (MoD) ordered the eight submarines from China in 2015 at an approximate cost of $4–5 billion, it was the largest arms export contract in China’s military history.
Eight Chinese Hangor submarines to enter Pakistan fleet ‘very soon’— naval chief
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Eight Chinese Hangor submarines to enter Pakistan fleet ‘very soon’— naval chief
- Joint construction of eight Hangor-class submarines is key project in China-Pakistan naval cooperation
- Pakistan signed agreement with China to procure eight Hangor-class conventional submarines in 2015
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
