Chi­nese keen to ini­ti­ate wind projects in Pak­istan

The Pak Banker - - NATIONAL -

Two Chi­nese com­pa­nies namely Si­nosure and Nor­inco In­ter­na­tional have ex­pressed their in­ter­est on Mon­day to ini­ti­ate wind power projects in Pak­istan. Min­is­ter of State for Board of In­vest­ment Dr Mif­tah Is­mail met with Wang Hui (Asst Gen­eral Mar­ket­ing Si­nosure) and Zhou (Deputy Fi­nan­cial Of­fi­cer, Nor­inco In­ter­na­tional) and their del­e­ga­tion from China.

Mif­tah Is­mail wel­comed the del­e­ga­tion and said that Nor­inco In­ter­na­tional was al­ready very ac­tive in Pak­istan in var­i­ous sec­tors and now it was go­ing to en­ter in Power Gen­er­a­tion sec­tor (Wind Power) as well.

He en­sured that "China is our brother and we will fa­cil­i­tate them as much as pos­si­ble in ev­ery re­gard". He fur­ther added that many com­pa­nies wanted to set up wind power plants here but if China takes the lead, then they would be obliged.

Wang told the min­is­ter about Si­nosure and its fi­nan­cial sup­port to var­i­ous on­go­ing projects in Pak­istan and dis­cussed the terms of con­di­tion and other things like tar­iff, en­vi­ron­ment pro­tec­tion law, tax ex­emp­tions, move­ment of cap­i­tal and for­eign cur­rency etc re­gard­ing set­ting up a wind power plant here. Min­is­ter of State as­sured them that once the agree­ment was signed with Nor­inco In­ter­na­tional, it would be backed by govern­ment of Pak­istan with the ap­proval of Pres­i­dent of Pak­istan.

"And once the agree­ment is signed on a cur­rent rate/unit which is 10.20 cents (re­duced from 13.25 cents) it would be fixed for next 20 years for the com­pany", Mr Mif­tah added.

Whether the tar­iff in­crease or de­crease dur­ing the course of time it would be im­ple­mented on fu­ture agree­ments and con­tracts only, not on the one which has al­ready been signed on the given rate, he said and added that the Govern­ment of Pak­istan had never de­faulted on its pay­ments and was quite con­scious of this fact to make pay­ments on time.

More­over he said that there was no re­stric­tion on tak­ing out the profit in the form of for­eign cur­rency and cap­i­tal move­ment from Pak­istan. In the end, Min­is­ter of State again thanked the del­e­ga­tion and as­sured them that their in­vest­ment would be safe here and it would be a win-win sit­u­a­tion for both the coun­tries.

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