K-Electric announces 700MW Power Project at Port Qasim

Karachi: K-Electric has signed an agreement with the state-owned China Machinery Engineering Corporation (CMEC) for the development a state-of-the-art 700MW IPP based power project at Port Qasim, Karachi.Construction of the plant is expected to commence in the first quarter of next fiscal year. Once the project comes online it will not only help meet the growing power demand in Karachi and its adjoining areas but will also allow KE to diversify its fuel mix.The project was formally announced at the Pakistan Trade and Investment Forum held alongside the 2nd Belt and Road Forum in Beijing, China. The project agreement and contracts were signed by Moonis Alvi, Chief Executive Officer K-Electric and Zhang Chun, Chairman CMEC in the presence of Abdul Razak Dawood, Adviser for Commerce, Textile, Industry and Production and Investment. This is a milestone project in the economic cooperation between China and Pakistan and will directly benefit Karachi, Pakistan’s economic hub.Abdul Razak Dawood, Adviser for Commerce, Textile, Industry and Production and Investment shared, “I am sure that this is just one of a series of joint endeavors in the future that will translate into a win-win for shared prosperity in the region and beyond. Stable electricity supply infrastructure is critical for the country’s sustainable progress, trade and industries and I urge all stakeholders to work together for its early completion to maximize the benefits to Karachi and Pakistan.Speaking at the signing ceremony Moonis Alvi, CEO KE said, “The current project is one more in a series of investments from K-Electric to further strengthen the city’s power infrastructure and brings us yet another step closer to our long-term commitment to enable Karachi to fulfill its economic potential. KE has invested more than $ 2.1 Billion in infrastructure upgrades across the energy value chain over the last 9 years and plans to invest $ 3bn over the next few years. We are committed to increase generation as well as to upgrade Karachi’s transmission and distribution network. Our goal is to commission the project at the earliest and we are confident we can do this with the continued support of policy makers and an enabling business environment.”

from The News International - Business http://bit.ly/2ZJrBtl