KARACHI, Dec 23: A Saudi-Kuwaiti joint venture, MidRoc Tussonia Ltd, will invest $3 to $4 billion in Pakistan over the next seven years in power generation, refining and real estate sectors.

Speaking at the launching ceremony of the joint venture here on Saturday, MidRoc Group president Sheikh Humoud Al-Sabah said that his company would set up two wind power generation plants in Mirpur Sakro at a cost of $200 million.

“We have signed a memorandum of understanding and the first power plant of 50 megawatts costing $100 million would be set up in the first phase, while the second in the next phase,” he added.

Mr Sabah said that 2500 acres of land had been acquired for the project and the ground breaking ceremony was held on Thursday.

The company was also setting up 350-mw power generation plant in Lahore, he said.—APP