USD 1 BN investment for the Coal-Based generation which will boost KE’s network; Spokesman KE
Karachi, 27th January 2015: In order to overcome the growing demand of electricity in the metropolis, KE has signed an accord with one of the biggest Engineering and construction companies in China, called China Machinery Engineering Corporation (CMEC), which specializes in construction of power projects in Generation, Transmission and Distribution. On-board this Joint Development Agreement (JDA) is China Datang Overseas Investment Company (CDTO), which will also help in this joint project, where coal-fired power projects of 700 MW would be set up, thus boosting KE’s generation capacity.
As per the details laid out in KE’s press statement, power plant would be set up at Port Qasim at the cost of USD 1 Billion. This project is a major initiative highlighting KE’s vision to diversify its energy fuel-mix toward cheaper sources of energy. This project will help to overcome the ever rising electricity demand of the port city of Pakistan and will create massive employment opportunities.
With over 100,000 employees, China Datang Corporation is among the top Fortune 500 Iisted companies. The President of CDTO along with the top management of CMEC and KE were present at this auspicious occasion. This project would lead to cost-savings which would be provided to the end consumer.
KE’s CEO Mr. Tayyab Tareen said, “This initiative is in line with KE’s vision of Karachi being a net exporter of power in the years ahead. KE may greatly benefit from both CDTO and CMEC’s expertise in coal power and are ready to work at a very fast pace. This project will also contribute to KE’s fuel diversification strategy and marks a significant step towards a new era of cheap base load power in Pakistan”.
The President of CDTO, Mr. Duan Zhongmin, also spoke on the occasion saying, “We are fully committed to cooperate with KE and CMEC to successfully execute this Port Qasim project which shall go a long way to meet the energy needs of the people of Pakistan”.
Mr. Fang Yanshui, the Divisional Manager of CMEC added by saying, “We at CMEC are strongly committed to devote ourselves to the social and economic development of Karachi by putting up a coal fired power plant in Port Qasim. We are extremely optimistic that this project will reach a speedy execution by having strong partners like KE and CDTO”