ISLAMABAD – Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh has said that Pakistan has huge potential of foreign investment in the energy generation and telecom sectors.

He stated this remarks in a meeting with a Norwegian delegation led by Arne Kollandsrud CEO-Tide Tec here on Monday to discuss different matters on introduction of wave/tidal based electricity production in Pakistan.

Finance Minister acknowledged and appreciated the idea of tidal based energy generation in the wake of current energy shortage and soaring fuel prices in the country. He informed the delegation that energy wing of Planning Commission mainly deals with such types of projects and the Deputy Chairman Planning Commission and his team will coordinate with the delegation to move ahead in this regard. In the same way, we setup a series of your meetings with officials of Private Power and Infrastructure Board (PPIB), Ministry of Water and Power, Central Power Purchasing Agency (CPPA, Ex-PEPCO) and Planning Department of Sindh Government within a few days to work further into the details of project, added by Finance Minister. He also assured the delegation that the finance division will provide full support to them on all forums.

Earlier, in a detailed presentation, Consultant Tide Tec Mr. Lunderby briefed the participants of the meeting about the phenomenon, challenges and procedural steps for installation of wave/ tidal based power plant. He informed the Minister that tidal/wave energy is a form of renewable energy in which power of waves produced in a channel or ocean is used to run the turbines turning on electric generators to produce electricity. The company “Tide Tec” is specialized in developing technology for energy producing bridges by harnessing potential of tidal and wave energy. He also informed that tidal energy is environment friendly and more predictable as compared to wind energy. Cost for establishing wave energy infrastructure is approximately equal to the wind based power plant. The company will follow the steps of Technology verification, Pre study, Scale Test and Full scale production respectively for establishment of wave/tidal based energy production in Pakistan, informed the delegation.