KARACHI: Coal power is essential for Pakistan and its energy security as import of fuel and crude has caused a huge damage to foreign exchange reserves of Pakistan.
Pakistan’s fuel import bill has been ranging between $20-26 billion annually and has been the single largest use of country’s hard earned remittances and export dollars.
For Pakistan to grow, there has to be a significant reduction in import bills, said Abdul Rahim, Chief Executive Officer of Siddiqsons Energy. Talking to The News he said that the solution lies within the two words “Thar Coal.” Thar can provide the base load and is also a local source of fuel.
This local fuel has huge potential to provide energy security to Pakistan, but due to lack of international support for the project Pakistan’s problems have increased. Financing and EPC contracts are fading away and a few local banks have decided not to support project related to coal.
Even in these circumstances, a local developer is fully committed to Thar coal power. Siddiqsons Energy has been developing this project for a few years now, and is fully positioned to implement it currently.
“We have all documents, studies, approvals, funding, and contracts in place already, we just want a much-needed support from relevant departments and we are good to take off”, said Abdur Rahim, Founder and CEO of Siddiqsons Energy Limited.
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