Deal signed between Private Power and Infrastructure Board, Ministry of Water and Power, Arab National Construction Holding LLC for construction of two 660 megawatt coal based power generation plants
Islamabad, March 05, 2014 (PPI-OT): A MoU was signed between Private Power and Infrastructure Board (PPIB), Ministry of Water and Power and Arab National Construction (ANC) Holding LLC Dubai for construction of two 660 megawatt (1320 MW) coal based power generation plants at Pakistan Power Park in Gaddani.
The company will also construct a jetty along with the construction of the power projects. The project would bring in approx. US $ 2.5 billion dollars investment in Pakistan and will be completed in three years.
The MOU was signed by Mr. Faris Tayeb Abdul Rahim Al-Baker Vice Chairman and CEO of ANC and Mr. N. A. Zuberi MD PPIB. Prime Minister Muhammad Nawaz Sharif and Chairman ANC Mr. Tayeb Abdul Rahim Ahmed Al-Baker witnessed the signing ceremony. Khawja Muhammad Asif, Minister for Water and Power, Mr Abid Sher Ali, Minister of State for Water and Power, Mr. Saifuallah Chatta, Secretary Water and Power and other officials were also present.
Earlier the delegation of the Arab National Construction Group, headed by its Chairman Mr. Tayeb Abdul Rahim Ahmed Al-Baker called on the Prime Minister Muhammad Nawaz Sharif at PM House. Prime Minister appreciated the power sector investment by the Company in Pakistan and added that it would help Pakistan overcome the energy shortages. Prime Minister said that today we have achieved another milestone in our urge towards energy self-reliance.
PM told that we have prioritized energy sector as a priority sector and have planned several projects in this regard. He told that 10×660 MW coal based power plants at Pakistan Power Park will be constructed in Gadani, where Chinese have agreed to invest in 6 projects, two projects will be constructed by ANC Dubai and one project has been initiated by Government of Pakistan.
He told that 2×660 MW coal based power plants at Port Qasim, 12x660MW coal based power plants at Sahiwal and five other locations in Punjab Province, Coal mining at Thar coal fields and mine-mouth power plants in Sindh Province, 1000 MW Solar Power Park in Punjab, 1420 MW Hydel Power House at Tunnel 4 Tarbela Dam and 1310 MW Hydel Power House at Tunnel 5 Tarbela Dam have been planned.
Prime Minister stated that the Government of Pakistan has taken these bold initiatives to address the energy shortfall and bring prosperity to the economy and people through establishing several short and long term projects. Prime Minister added that we are offering several incentives for investment in power sector.
Prime Minister told that the MoU with Qatar on import of LNG and US $ 1 billion investment by ADB in Jamshoro Power generation project are clear manifestations of foreign investors trust in the government’s pro-investment policies.
The development in infrastructure is also one of our priority area and we welcome the investments in that area as well, PM told the Chairman. He told that the growth rate of Pakistan has gone beyond the target and has been 5.0% as compared to last year’s 2.9% for the same period.
He told that the remittances have been increased by 10.5% against the target of 6%. PM told that we have increased the Tax revenue targets by 17%. Our achievements have also been recognized by multilateral institutions, PM added.
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Category: Press Information Department