Prime Minister Nawaz Sharif presiding over first meeting of Steering committee for development of Pakistan Power Park, Gadani. — Photo by APP
HUB: Prime Minister Nawaz Sharif directed the authorities concerned on Saturday to take all measures for completion of the 6,600MW Gadani power park project on a fast-track basis.
Presiding over a meeting of the Gadani Power Park Steering Committee here at Gadani, he said development hinged on the completion of this project.
The project will comprise 10 power plants of 660MW each and it is estimated to cost around $14 billion.
Balochistan Chief Minister Dr Abdul Malik Baloch, Finance Minister Ishaq Dar, Minister for Water and Power Khwaja Mohammad Asif, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi, Special Assistant to the Prime Minister on Energy Mussadiq Malik and Shaukat Tareen also attended the meeting.
The prime minister was informed that work would start in March and the first power plant would be installed by the government after which foreign investors would build the rest on build-own-operate and transfer basis.
The Pakistan Power and Infrastructure Board will select independent power producers through international bidding.
Mr Sharif informed the meeting that China had expressed interest in installing four power plants.
He called for simplification of procedures for awarding projects to companies in a transparent manner.
The prime minister was informed that the Balochistan government would provide 5,000 acres of land for the power park that would be connected with a 7km jetty to bring in 20 million tonnes of coal.
He was told that the Pakistan Power Park Management Company had been incorporated to carry out the infrastructural work of the project and seed money of Rs1bn had been allocated for the company.
He directed Finance Minister Ishaq Dar to approach the World Bank to arrange funding for the project.
The minister said private companies could also manage the same on their own from their respective financial institutions.
Mr Sharif said the project should be duly publicised to make private investors aware of it and directed the finance minister to arrange a briefing for local bankers.
The water and power secretary assured the prime minister that the project would be completed on a fast-track basis.
The meeting approved Balochistan government’s participation in the project as an equity partner.
Chief Minister Malik Baloch, who is a member of the committee, assured the meeting of his government’s full support for a successful and timely completion of the project. He offered to invest beyond the agreed equity and become a bigger partner in the project.—APP