Fauji Fertilizer Company Limited (FFCL) is entering into a strategic alliance with the Hub Power Company Limited (HUBCO) to set up a 330 MW coal-based power plant in Thar.
The announcement came after the FFC Board of Directors’ meeting was held in Rawalpindi today.
The power plant, being a CPEC Project, will be built under a special purpose company, Thar Energy Limited (TEL), and will be utilizing indigenous coal that will be mined from the coal fields of Thar Block-II.
Commenting on the joint venture with HUBCO, Lt Gen Shafqaat Ahmed, HI(M) (Retd), CE & MD FFC assured that this project will help address the power shortfall in the country by utilizing local coal. This is a major goal of the current Government and will also add value to the company’s long term investments in the best interest of its shareholders.
FFC and HUBCO both are well reputed and internationally recognized corporate entities with extremely high business and financial credibility.
CE & MD FFC added that they believe this strategic partnership will open up new avenues of business growth, whereas the excellent financial position, credibility and best business practices of the two corporate giants will provide synergy and confidence for all the stakeholders.
Ground work on the site has already commenced and the project is expected to begin commercial production by the end of 2019.