PowerChina plans to grow presence in B&R economies
The China-backed Port Qasim coal-fired power plant in Pakistan is providing sufficient electricity supply for the country while optimizing its energy structure, which had previously depended on oil and gas, according to Power Construction Corp of China, also known as PowerChina.
The plant had generated more than 3 terawatt hours of electricity as of June 25 since its inauguration at the end of last year. It will generate 9 tWh of electricity annually after its second unit starts operation in February, said PowerChina, the project’s investor, constructor and operator.
“The power plant, a milestone for Pakistan-China friendship, will provide cheap electricity to Pakistan to benefit local people,” said Cai Bin, CEO of Port Qasim Electric Power Co, a subsidiary of PowerChina.
Cai is also Party secretary of the Port Qasim project joint working committee.
The plant consists of two advanced supercritical coalfired generators that meet the World Bank’s environmental protection standards. It has long been hailed as a model project under the China-Pakistan Economic Corridor, according to PowerChina, which is the biggest hydropower designer and builder in the world.
China has transferred its most advanced technologies in this field to Pakistan. Reflecting this stance, PowerChina has helped Pakistani engineers involved in the project to study in China, so they can operate the power plant in the future, said the company.
With unique advantages in project design and construction, investment and operations, PowerChina has vowed to continue investing in the energy sector to expand its presence in countries and regions participating in the China-proposed Belt and Road Initiative.
The company will continue to provide the best power solutions and the most affordable and sustainable energy to emerging markets with its technologies, experience and lessons learned, Cai said.
With more than 50 percent of its gross profits from its international business, PowerChina has so far been involved in more than 1,400 projects in 57 Belt and Road economies. The contracts of the projects are valued at more than $600 billion. The 350 projects currently under construction have a total contract value of about 300 billion yuan ($45 billion).
According to Yan Zhiyong, chairman of the company, PowerChina has been providing free power project planning in Belt and Road economies for the past few years, as well as free training and disaster relief. It is also expanding into new energy infrastructure, EPC (engineering, procurement and construction) projects and investment in minerals.