Islamabad, April 9 (IANS) China’s state-run Power Construction Corp plans to invest in a $2.1 billion coal-fired power project in Pakistan, the media reported on Thursday.
The company will get a 51 percent stake in the project near Karachi while Qatar’s Al Mirqab Capital will own the remaining 49 percent, Power Construction Corp said in a filing with the Shanghai bourse, according to Dawn online.
The Chinese company will be responsible for construction and operation of the project, which is scheduled to be completed within 32 months and will mainly use coal from Indonesia.
The project, including the installation of two 660 MW high-efficiency power units known as super critical generators, will be part of a broad bilateral deal dubbed as China-Pakistan Economic Corridor, Power Construction Corp added.
The Chinese government and banks would finance Chinese companies to build $45.6 billion worth of energy and infrastructure projects in Pakistan over the next six years.
The coal-fired power project would require a total investment of $2.085 billion, nearly $1.6 billion of which will be funded with loans, according to the filing.