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National

August 9, 2017

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Korean investors want to set up power plant in Punjab

Korean investors want to set up power plant in Punjab

LAHORE: South Korean investors want to invest 60 million US dollar in Punjab to produce energy from waste.

The interest was shown by a high-level Korean delegation led by Ko Moon Seok, chairman of Heritage International, Chang Hyo Soon, vice-chairman of Heritage International and Kim Won Taek from K-biz International when they visited PBIT to discuss investment opportunities here on Tuesday.

The delegates said that their independent and successful company transformed 100 tonne waste into more than 50 percent energy resource (i.e. diesel), in Korea. The Korean delegation showed keen interest in establishment of a plant in Pakistan.

The Korean company can produce diesel from waste e.g. tires, animal waste, plastics, trees, drain sludge, rubber, food waste etc. The diesel produced by the unit can be used right away.The Korean investors said that they were keen in international expansion. They are in a process to establish their plants in Germany, Canada and Saudi Arabia while they want to invest 60 million dollar on setting up a plant in Punjab.

The Korean company will need seven hectors of land while the establishment of the plant will take six months to one a year.  The biggest unit requires 100 people for its working whereas the smallest unit needs 10 people.

PBIT CEO Jahanzeb Burana asked them to plan a visit again with a structured plan and solid final proposal so that the next steps could be taken for the setup. He told the delegates that their meetings with Lahore Waste Management could be arranged to help them out with their plant setup. He said Pakistan was a free market and it had huge output, e.g. 10,000 tonne garbage per day.A letter for expression of interest is required for further processing. He assured that PBIT was ready to facilitate them in acquiring land as well as setting up the plant with the help of the departments concerned.

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