Thar Coal and Energy Board established

[LRE]

Thar Coal and Energy Board established
KARACHI (July 26 2008): Sindh government has, with immediate effect, established "Thar Coal and Energy Board." To be headed by Sindh Chief Minister, the Board will comprise Federal Minister for Water and Power as Vice-Chairman, Minister for Law and Justice, Deputy Chairman, Planning Commission, two provincial ministers nominated by the Chief Minister, Secretary, Ministry of Water and Power, Sindh Chief Secretary; one eminent person nominated by the government of Sindh while managing director will act as its member/secretary.

The functions of the authority are: To act as one-stop organisation on behalf of all ministries, departments and agencies of government of Pakistan and government of Sindh in matters relating to development and leasing/sub-leasing at Thar, mining, development of clean coal technologies, R&D activities, and other allied matters including but not limited to gasification, briquetting on Thar Coal with written agreement of Sindh Chief Secretary, and Secretary, Ministry of Water and Power, - to attract investment for coal mining and/or coal gasification at Thar and other areas in Sindh Province; - to be used for power generation or other purposes, by creating a conducive environment through conducting bankable feasibility and other relevant studies, resolving issue of cooling and drinking water, improving infrastructure and law and order, and carrying out aggressive marketing; - to negotiate, finalise and execute agreements; - to receive fees and charges from coal developers in the processing of their applications and to deposit and disburse the same; - to obtain bank guarantees, performance bonds, letters of credit from private companies for coal development projects and to receive and refund monies relating to these instruments, - to assist investors in obtaining necessary consents; - to liaise and collaborate with the Private Power and Infrastructure Board (PPIB) for further processing of private sector integrated coal mining/coal gasification and power generation projects after approval by the Board, that is, issuance of Letter of Interest (LoI), negotiation/execution of agreements relating to power generation etc; - to hire professional and support staff and to determine the terms of their accounts, enter into business transactions, and to sue or be sued (when required); - to operate as a legal entity, maintain local and foreign currency bank accounts, enter business transactions and to sue or be sued (when required); - to assist GoP and the GoS in formulating policy guidelines for Thar coal development, mining and energy generation, and to implement their approved policy guidelines; - to receive funding from both GoP and GoS, and prepare and approve budgets for the Board's effective operation; - to correspond with concerned local and international agencies; except in matters involving commitment of the GoP and GoS in which case prior consultation with the concerned ministry will be required and to take all necessary measure including but not limited to formulation of rules and regulations for early and effective implementation of the above. The Board will have its principal seat office at Karachi.

Copyright Associated Press of Pakistan, 2008