Federal minister for planning and development, Ahsan Iqbal, laid foundation stone for 1320 MW coal fired power plant. This is the first energy project of the China Pakistan Economic Corridor (CPEC) in Balochistan. It is situated in Hub, near Karachi.
Chain Power Hub Generation Company is a joint venture between State Power Investment Corporation, China Power International Holding Ltd and Hub Power Company Pakistan. The total coast of the project is $2 billion, and it will be able to provide electricity to the national grid from August 2019.
Read More: All You Need to Know About Electricity Projects Under CPEC (Part I)
Addressing to the groundbreaking ceremony, Ahsan Iqbal said that, Pak China Trade Corridor is the largest and biggest regional project in the world. This project is not against any one. Any regional country wishing to become a part of this project is welcome to join.
“When present government took charge in 2013, despite an attractive investment policy, investors weren’t willing to come to Pakistan. Western media declared Pakistan the most dangerous country of the world. There was only the Chinese government and its people who showed their confidence in Pakistan.” Ahsan Iqbal added.
Ahsan Iqbal further said that, Balochistan’s port of Gawadar is the gateway for CPEC. This project will bring prosperity in the province of Balochistan. This year, work will start on a 330 MW power plant and 19 KM west express way in Gawadar.
While thanking Chinese professionals working on CPEC, Ahsan Iqal said that, Chinese are our national guests and not only will we keep them secure but also provide them hospitality.
Chinese Consul General Wang Yu said in his address that, in CPEC 11 energy projects are underway and there total generation capacity is more than 7 thousand MW.
Total equity of the project is 25 percent and 75 percent loan financed by the Chinese banks. This includes the complex of the project with 2 units of 660 MW each. The project is recognized as one of the Priority Projects under CPEC.
Read More: All You Need to Know About Electricity Projects Under CPEC (Part II)
Who will own this? Will it be partly owned by government or prove to be another IPP?