UAE firm, Metal Investment Holding Corporation, and China’s Power China E and M International has inked a $5 bn Joint Venture Agreement to undertake 3×1320 MW (3960 MW) coal fired power plants at Pakistan’s Port Qasim located in Karachi.
The Joint Venture Agreement was signed by Metal Investment Holding Corporation, UAE Chairman Haji Amin Pardesi and Power China E&M International, China GM Finance Zhou Xinwei.
Dr Miftah Ismail, Pakistan’s minister of state and board of investment chairman, who was present at the signing assured to extend full assistance to both companies in obtaining all administrative and regulatory approvals, consents and permissions for the development of the project, including acquisition of land for the project and the import of plant and machinery to complete the project in time.
The hallmark of the new energy policy of Pakistan, he said, is efficiency, transparency, provision of relief to the common man and maximum return to the investor.
The project, while adding much needed capacity to the national grid will also add $5 bn to Pakistan’s economy.
