BEIJING: Prime Minister Yousuf Raza Gilani on Tuesday said that progress on the Thar Coal Project was an important milestone in the development of country’s indigenous energy resources, and hoped that China’s Sino Coal company would complete the task at the earliest.

The prime minister was talking to Wang Jinhua, President of China Coal Technology and Engineering Corporation Group (CCTEG), whose Sino Coal company has shown interest in the Thar Coal Project.

The prime minister welcomed Sino Coal to carry forward the project and assured that the government would remove all impediments related to its execution.

He said Pakistan was currently facing a grave energy crisis and hoped that with Chinese technical assistance and expertise, Pakistan would be able to overcome the power issue.

Gilani said the government was focusing on coal-based power generation in addition to hydro and thermal power for overcoming the energy deficit, adding that the Thar coal reserves would be utilized in ridding the country of load-shedding.

Later talking to APP, Pakistan’s Ambassador to China Masood Khan said the meeting decided that Vice President of CCTEG will be visiting Pakistan next week to finalize the arrangements on Thar Coal Project.

He said Sindh Thar Coal Energy Board and Engro Power had contacted CCETG for the survey of Block-2 of Thar fields and soon the two sides would prepare a feasibility report in this regard.

He said that the prime minister assured Sino Coal that the federal and provincial governments would fully support the joint collaboration of Pakistani and Chinese companies.

Masood Khan said that the CCETG showed keen interest to invest in the energy sector particularly in Thar coal mining and setting up of power plants.

The Sindh province has vast deposits of coal, totaling over 185 billions tones. These reserves are spread over an area of over 9,000 square kms and are most suitable for power generation.

Gilani calls for joint investments with China
 
PM Gilani proposed the creation of a joint ‘Pakistan-China Holding Company,’ aimed at facilitating financing for Chinese companies intending to invest in Pakistan.

He was talking to Levin Zhou, President of China International Capital Corporation (CICC).

Gilani noted that the company could establish projects on equity basis rather than acquiring debt.

The prime minister sought more investment in Pakistan’s hydro power and infrastructure development projects and said it would go a long way in generating economic activity and employment opportunities in the country.

He urged the CICC to consider the possibility of collaboration in banking and financial sectors between the two countries by setting up consortiums to invest in Pakistan.

The CCIP president assured the prime minister of all possible assistance to Pakistan in various sectors and help in overcoming economic challenges.

CDB to finance energy projects in Pakistan

China Development Bank (CDB), a top-ranking financial institution on Tuesday agreed to support Pakistan in undertaking major energy projects, to help it overcome the energy crisis.

Chairman CDB Chen Yuan, who called on Prime Minister Syed Yousuf Raza Gilani expressed his bank’s keen interest in providing funding for several development projects in Pakistan, particularly for the renewable and alternative energy sectors.

The prime minister, who is in Beijing to attend the summit of Shanghai Cooperation Organization (SCO), also invited CDB to finance and establish consortiums for mega projects in energy, telecommunications, infrastructure and minerals, with the help of Chinese corporations.

He said the Pakistan government had offered free land for the construction of Joint Investment Company facilities in Islamabad and welcomed opening of its branches in major cities.

Gilani said Pakistan-China joint development ventures would not only strengthen ties between the two countries, but would also help bring stability and prosperity to the region by ensuring transit trade and greater interaction among the states.

Later talking to APP, Chairman CDB said his bank had received a favorable response from the Chinese companies to undertake joint ventures in Pakistan in almost all sectors of economy.

He said China has expertise in windmill and renewable energy, and CDB would facilitate in materializing these projects.

The Pak-China Joint Investment Company, established with $200 million, is working as a window of CDB for evaluation of joint ventures between the two countries.—APP