700MW Coal Powered Project to be Under K-Electirc at Port Qasim
KARACHI: K-Electric Limited (KEL) has entered into a binding tripartite deal, ‘Joint Development Agreement, with the China Datang Overseas Investment Company (CDTO) and China Machinery Company (CMEC), for the development of a 700-MW (2×350 MW) coal-fired power project at Port Qasim.
The agreement further consolidates the understanding reached among the three parties earlier this year, said a statement on Monday. It said that considerable progress had been made on the project during the last few months and the agreement was a major step forward towards the finalisation of the flagship project.
The project, it was added, is aimed at bringing an investment of over $1 billion in Pakistan. This would not only help the country in diversifying its fuel mix, but also lower the generation cost benefiting the end consumer. KEL Chief Executive Officer (CEO) Tayyab Tareen, along with the senior management, received the high level delegation from CDTO and CMEC which included the CDTO President, Duan Zhongmin, and CMEC Vice President Wang Tianyi.
On the occasion, Tareen said this agreement is a success of the company that has joined hands with firms like CDTO and CMEC for a critically important project. “KEL is developing new generation projects and is giving them the highest priority,” said Tareen. “This particular project will go a long way in addressing the power needs of the country.”
Zhongmin stated that China Datang attaches great importance to the power sector development of Pakistan. “China Datang shall be fully committed to working closely with CMEC and KEL towards the completion this coal-fired power plant.”
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