KARACHI: Hub Power Company Limited announced $3.93 million in investment by China Machinery Engineering Corporation (CMEC) into its subsidiary Thar Energy Limited.
The company established Thar Energy Limited (TEL) to set up 330 megawatts of mine-mouth lignite-fired power plant. Hubco signed a shareholders’ agreement with Fauji Fertilizer Company Limited (FFCL) and CMEC TEL Power Investments Limited (CMEC Dubai) for equity investment of 30 percent and 10 percent, respectively in the project.
Early this year, FFCL also injected equity in the company.
TEL engaged China Development Bank as the lead arranger for the foreign financing from China and Habib Bank Limited as the lead arranger for the local financing. The expected commercial operation date of the coal project is March 31, 2021.
Hubco currently produces 1,601MW through its three plants in Hub, Narowal and Azad Kashmir. The company is the only power producer in Pakistan with interests in three projects listed in the China Pakistan Economic Corridor: imported coal-based China Power Hub Generation Company (Private) Limited at Hub, Sindh Engro Coal Mining Company Limited developing Block II of Thar Coal Field and Thar Energy Limited.
Sheikh argued that the government should have maintained stable petroleum prices
MARI has successfully drilled and tested the third appraisal well in the Ghazij formation in the Mari D&PL
Gold rates decreased by $17 to $2,395 per ounce in the international market
Company's revenue saw a 13.9% year-on-year increase, reaching Rs49.2 billion, up from Rs43.19 billion in the same...
A man counts US dollars in a money exchange shop in Dhaka. — AFP/FileLAHORE: The first thing that the government...
Power generation stood at 8,741 gigawatt-hours or 11,749 megawatts in March