Friday, April 27, 2007
US firm plans to invest $500m in power generation
ISLAMABAD: MG Power Systems, USA, has planned to set up 750 MW Power Generation Units in Pakistan by investing US $ 500 million.
This was stated by the visiting delegation of the company, which led by President of MG Power Systems, USA, W. Glenn Jackson called on the Minister of State for Petroleum and Natural Resources Mir Muhammad Naseer Mengal here on Thursday.
They discussed investment potential in oil and gas sector of the country. W. Glenn said his company had a vast expertise in the power generation and both the countries would benefit to learn a lot from each other’s experience in the field of energy.
The minister said the government was focusing on the promotion of energy sector on modern lines to meet the growing energy needs for sustaining the GDP growth rate of above 7 percent per annum. He said the country was endowed with huge coal deposit of 185 billion tons and the government was taking concrete steps to produce 20,000 mega watt coal based power by 2016.
He said the government had deregulated the petroleum sector and provided the investors a level playing field in a competitive and business friendly environment.
The minister said the government was also making concerted efforts to exploit the untapped hydrocarbon deposits and considering to import gas and LNG from the neighbouring countries to bridge the supply demand energy gap. Secretary Petroleum Ahmed Waqar, Joint Secretary Moosa Raza Effendi,
Director General (Oil) G.A. Sabri, Director General (Gas) Saeed Ullah Shah were also present in the meeting.
http://www.dailytimes.com.pk/default.asp?p...27-4-2007_pg5_3