KARACHI - Despite having security concerns, an American company Matrix Group Consulting is going to invest $500 million for two power projects at Port Qasim Authority (PQA) and Karachi Port Trust (KPT), however, a committee has been formed to resolve the problems of Karachi Electric Supply Company (KESC), said Minister for Ports and Shipping, Senator Babar Khan Ghauri, while talking to the media. The committee has been formed to observe the promised investment of $361 million by Abraaj Group in KESC. The committee consists of Dr. Asim Hussain, Advisor for Petroleum to Prime Minister, Raja Parvez Ashraf, Federal Minister for Water and Power, Shaukat Tarin, Advisor to Prime Minister for Finance and Financial Affairs and Farooq Sattar, Federal Minister for Overseas Pakistanis. He said: 'the power supply in the metropolis is getting worse day by day, therefore, in order to overcome this problem KESC needs to invest in power generation sector to overcome gap in supply demand, he added. While talking to The Nation, Babar Ghauri told that the MQM is against the 4 pc proposed hike in the electricity tariff. This is the demand of IMF against the conditions of loan but we will record our protest against such hike in tariff in the Federal cabinet. He further said that power supply situation in the city is not satisfactory, on the other hand, the country is also facing huge power crisis. He stated that the security issues in the country have affected the foreign investment in power sector and the investors are now having reservations but the investment by American company in such crucial times is a sigh of relief. He informed this power project would be completed in 2 years, while the PQA and KPT are only providing land for these coal and wind based projects. The project will help KESC in a way that the electricity supplied to PQA and KPT would than be provided to the metropolitan. The total demand of electricity at KPT is less then 250 MWs. It is in our objectives that we will provide the remaining amount of electricity to the KESC. This will help them to reduce power outages in the city, said Nasreen Haq, Chairperson KPT. Meanwhile, a Memorandum of Understanding (MOU) has been signed during a press conference at the local hotel. Port Qasim Authority (PQA) has signed (MOU) with Matrix Group Consulting, USA, for setting up of a power plant at Port Qasim. The company has shown interests to establish a Power Plant of 250 MW at Port Qasim. The power generation will be expandable to 500 MWs to provide the generated electricity to the National Grid of Pakistan. The project will be established on fast track basis with foreign investment. The plant will be primarily coal based i.e. local and imported. Therefore, it will be cost effective. This project has the approval of government of Pakistan. Cathleen M. Ihasz, President and CEO on behalf of Matrix Group and Mir Afsar Din Talpur, Chairman, PQA signed the MOU. Babar Khan Ghauri, Minister for Ports and Shipping and Chairperson KPT were also present on the occasion.