KARACHI: Two Chinese companies have signed an agreement with K-Electric (KE) to build two 350-megawatt power plants in Karachi with an investment of approximately $1 billion.
The power plants will use coal as fuel and will be built in the vicinity of Port Qasim but it remains unclear when the actual construction will start.
China Machinery Engineering Corporation (CMEC), which specialises in construction of power plants and the overseas investment arm of China Datang Corporation are the two other partners in the venture.
“This agreement follows the MOU that we had signed earlier,” said Usama Qureshi, the KE spokesman. “It basically deals with the responsibilities of each of the parties.”
The electric company is close to the completion of its acquisition process of 200 acres of land in the Textile City, which is located near Port Qasim. A coal import terminal is already being built by a local company at the port.
SECP establishes Shariah-Compliant Brokerage Segment, approves 33 Islamic Windows
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in a major breakthrough, has succeeded in establishing a dedicated Shariah-compliant...
