US-based firm to build $1 billion 500 megawatts power plants at PQA and KPT

[LahoreEstate]

RECORDER REPORT
KARACHI (April 12 2009): A US-based company will construct two power generation plants, 250 megawatts each, at Port Qasim and Karachi Port at an estimated cost of $1 billion. In this regard, M/s Matrix Group Consulting Limited (MGCL), Port Qasim Authority (PQA) and Karachi Port Trust (KPT) signed a memorandum of understanding at a local hotel on Saturday.

Federal Minister for Ports and Shipping Babar Khan Ghouri witnessed as President and Chief Executive Officer of MGCL Cathleen M Ihasz, Chairman PQA Mir Afsar Din Talpur and KPT Chairperson Nasrin Haque signed the documents on behalf of their respective organisations. The ceremony, which was scheduled to start between 2:30pm to 3pm sharp was delay by two hours.

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According to Ghouri the two power generation projects, which would be completed in two different phases, would collectively add 500 MW to the shortage-stricken national grid in the first phase that would be expandable to 500MW more in future.

MGCL would finance the development of two facilities near Mauripur belt and Bin Qasim Thermal Power Plant at KPT and PQA respectively over the next two years. To make the project cost effective, the PQA plant would run on coal, while the one to be built at Karachi Port would consume wind energy, chairpersons of the two port operators, Talpur and Haque told Business Recorder.

The project, as per the agreement, would be carried out on 50:50 basis in which the foreign firm would provide the funds, while PQA and KPT will contribute land. The start-up of work on the projects, to be undertaken on fast track basis, would, however, be subject to the approval of government of Pakistan. According to representatives of KPT and PQA, the two facilities, which had a target to produce 870MW electricity by 2050 will also cater for the loadshedding-hit city in line with the corporate responsibility of the two port operators.

Talking to Business Recorder, MGCL chief Cathleen M Ihasz said her company had planned to bring more investment in Pakistan in the fields of energy and infrastructure development. Secretary Ports and Shipping Muhammad Saleem Khan, heads of various financial institutions, industrialists and prominent faces from the ports and shipping industry were also present on the occasion.