ISLAMABAD, Sept 17: Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh said on Monday that there is a huge potential of foreign investment in the energy generation and telecom sectors and the international companies would be provided all possible help to invest in Pakistan.

He said this during his meeting with a Norwegian delegation led by Arne Kollandsrud CEO-Tide Tec here. In a detailed presentation, Consultant Tide Tec Mr Lunderby, briefed the participants about the phenomenon, challenges and procedural steps for installation of wave, tidal-based power plant. He informed the Minister that tidal/wave energy is a form of renewable energy in which power of waves, produced in a channel or ocean, is used in running the turbines that turn on electric generators to produce electricity.

The company “Tide Tec” is specialised in developing technology for energy producing bridges by harnessing potential of tidal and wave energy. He also informed that tidal energy is environment-friendly and more predictable as compared to wind energy. Cost for establishing wave energy infrastructure is approximately equal to the wind-based power plant.

The company will follow the steps of Technology verification, Pre-study, Scale Test and Full scale production, respectively, to establishment of wave/tidal based energy production in Pakistan. The Finance Minister acknowledged and appreciated the idea of tidal-based energy generation in the wake of current energy shortage and soaring fuel prices in the country.

He informed the delegation that energy wing of Planning Commission mainly deals with such types of projects and the Deputy Chairman Planning Commission and his team will coordinate with the delegation to move ahead in this regard.

“In the same way, we setup a series of your meetings with officials of Private Power and Infrastructure Board (PPIB), Ministry of Water and Power, Central Power Purchasing Agency (CPPA, Ex-PEPCO) and Planning Department of Sindh Government within a few days to work further into the details of project”, the Finance Minister added. He also assured the delegation that the finance division will provide full support to them on all forums. —APP