KARACHI - The Thar Coal and Energy Board, announcing more incentives for investors, has offered 20 per cent Internal Rate of Return (IRR) for initial projects achieving financial close by December 2015 on indigenous coal to power project, while those investors achieving financial close by December 2014 would get additional 0.5pc IRR. This was decided in a meeting of Thar Coal and Energy Board held here on Saturday under the Chairmanship of Chief Minister Sindh Syed Qaim Ali Shah at Chief Minister House. The meeting was attended by Federal Minister for Water and Power Raja Pervaiz Ashraf, Federal Finance Minister Shaukat Tarin, Member Asad Ali Shah, Sindh Minister for Irrigation and Power Syed Murad Ali Shah, Minister for Revenue Jam Mehtab Dahar, Chief Secretary Sindh Fazal ur Rehman, Federal Secretary Water and Power Shahid Rafi, Principal Secretary to CM Sindh Syed Sohail Akbar Shah, Sindh Secretary for Mines and Mineral Development Aijaz Ali Khan and others. The meeting discussed the progress on different aspects of the project in detail. The board observed to complete the project early. The meeting discussed agenda of fiscal incentives for investors; pricing of coal, the membership of clean coal centre of International Energy agency; Joint Venture with Al-Abbas Group for Badin Coal fields, Joint Venture with Engro; allocation of additional area for Sindh Engro Coal Mining company; additional membership for UCG Governing body headed by Dr Samar Mubarak, progress on Railways link to Thar and progress by SECMC. After meeting, Federal Minister for Power and Water Raja Pervez Asharraf while addressing to press conference at CM House said that country was in major crisis of energy and water and present government considering various options to solve this issue. TCEB member Asad Ali Shah and Provincial Secretary of Coal and Mines Department Aijaz Ali Khan were also accompanies with federal minister. In principle, it was decided that coal pricing agency would be TCEB, however, a group of experts would work out a mechanism for coal pricing and develop a comprehensive proposal, he said, adding that a committee was formed comprising of Secretary (W &P), Sindh Irrigation Minister Syed Murad Ali Shah, Syed Asad Ali Shah, and Secretary Coal and Energy government of Sindh to complete this task on top priority. Furthermore, the Board approved the proposal of Clean Coal Centre of International Energy Membership for Sindh Coal Authority, sponsored by Ministry of Water and Power, Government of Pakistan. The board meeting also shared the proposal of Joint Venture agreement with Al-Abbas Group for Badin Coal Fields. However the TCEB appreciated the initiative and resolved to support all such ventures to develop coal projects of Sindh, Pervez said. According to Pervez, the proposal of issuance of LoI (Letter of Intent) by PPIB was discussed and was approved by the Board and it was resolved that letter of intent to Engro Powergen shall be issued by PPIB besides allocation of additional area to SECMC measuring 24.6 sq km was approved by meeting. Regarding UCG Governing Body headed by Dr Samar Mubarak, it was decided that three additional members would be included in the Governing Body. One Technical Member would be from NTDC, whereas, two members from the private sector will be selected for the Governing Body of Gasification. The progress on feasibility study to provide rail link between Karachi to Thar coalfields was also shared with the meeting and it was decided that Pakistan Railway Advisory Consultants will prepare the final proposal of linking Karachi port to Coalfields of Thar through rail link. However, meeting was also informed that 25 per cent work has been completed by Sindh Engro Coal Mining Company in Thar coal area, which was appreciated by the Board, emphasising on early completion of infrastructures required for Thar Coal Fields. To queries of journalists, Federal Minister said that the federal government has taken notice of complains regarding loadshedding and other issues pertaining to KESC and Prime Minister has summoned the administration of KESC Islamabad next week. He also termed that sending bogus electricity bills to consumers was a criminal act, while government will inquiry this matter against KESC. He did not give deadline for end of loadshedding of electricity, saying that government is working on roadmap to get rid from this issue. He further said that producing electricity through fuel and gas was expensive, that was the reason the government has start working on other sources of coal and water for generation of electricity.