ISLAMABAd - An MoU was signed between Private Power and Infrastructure Board (PPIB), Ministry of Water & Power & Arab National Construction (ANC) Holding LLC Dubai for construction of two 660 Megawatt (1320 MW) coal-based power generation plants at Pakistan Power Park in Gadani.

The company will also construct a jetty along with the construction of the power projects. The project would bring in approximately $2.5 billion investment in Pakistan and would be completed in three years. The MoU was signed by Faris Tayeb Abdul Rahim Al-Baker Vice Chairman and CEO of ANC and NA Zuberi MD PPIB.

Prime Minister Muhammad Nawaz Sharif and Chairman ANC Tayeb Abdul Rahim Ahmed Al-Baker witnessed the signing ceremony. Khawja Muhammad Asif, Minister for Water and Power, Abid Sher Ali, MOS for Water and Power, Saifuallah Chatta, Secretary Water and Power and other officials were also present on the occasion. Earlier the delegation of the Arab National Construction Group, headed by its Chairman Tayeb Abdul Rahim Ahmed Al-Baker called on the Prime Minister Muhammad Nawaz Sharif at PM House. Prime Minister appreciated the power sector investment by the Company in Pakistan and added that it would help Pakistan overcome the energy shortages. Prime Minister said that today we have achieved another milestone in our urge towards energy self-reliance.

PM told that we have prioritised energy sector and have planned several projects in this regard. He told that 10x660 MW coal based power plants at Pakistan Power Park will be constructed in Gadani, where Chinese have agreed to invest in 6 projects, two projects will be constructed by ANC Dubai and one project has been initiated by Government of Pakistan. He told that 2x660 MW coal-based power plants at Port Qasim, 12x660MW coal based power plants at Sahiwal and five other locations in Punjab Province, coal mining at Thar coal fields and mine-mouth power plants in Sindh Province, 1000 MW Solar Power Park in Punjab, 1420 MW Hydel Power House at Tunnel 4 Tarbela Dam and 1310 MW Hydel Power House at Tunnel 5 Tarbela Dam have been planned.

Prime Minister stated that the Government of Pakistan has taken these bold initiatives to address the energy shortfall and bring prosperity to the economy and people through establishing several short and long-term projects. Prime Minister added that we are offering several incentives for investment in power sector.

Prime Minister told that the MoU with Qatar on import of LNG and $1 billion investment by ADB in Jamshoro power generation project are clear manifestations of foreign investors trust in the government’s pro-investment policies.

The development in infrastructure is also one of government’s priority area and they would welcome the investments in that area as well, PM told the Chairman. He told that the growth rate of Pakistan has gone beyond the target and has been 5.0 per cent as compared to last year’s 2.9 per cent for the same period. He told that the remittances have been increased by 10.5 per cent against the target of 6per cent. PM told, “We have increased the tax revenue targets by 17 per cent. Our achievements have also been recognised by multilateral institutions,” PM added.