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May 15, 2015

US company keen to set up 6,000MW plant

Islamabad

May 15, 2015

Islamabad
A high-level business delegation representing M/s American Ethane Company and General Electric Pakistan visited Islamabad Chamber of Commerce and Industry led by Ambassador Javed Malik, special envoy to prime minister of Pakistan and showed interest to set up 6000MW gas-powered plant in Pakistan to help it in overcoming the energy crisis.
Micheal Yuriev, chairman American Ethane LLc, Micheal Hood, advisor to chairman, Alexi Domikhin, vice president, Alun Richards, president, Trinity White City Ventures (Associates of American Ethane) and Sarim Sheikh, CCO, General Electric Pakistan were in the delegation.
Speaking at the occasion, Ambassador Javed Malik said the government is giving high priority to enhancing power production by exploiting all available options and the prime minister of Pakistan was personally monitoring all such activities. He said good policies of the present government were yielding good results as many international investors were visiting Pakistan to explore investment opportunities. He said the purpose of bringing US business delegation to ICCI was to provide them an opportunity of direct interaction with Pakistani counterparts and explore possibilities of business matchmakings.
The delegation members said that Ethane was a smart, cost-effective and environment friendly fuel as it burnt with up to 80 percent fewer emissions as compared to oil & coal and was suitable especially for areas not served by natural gas lines. They said M/s American Ethane in collaboration with General Electric Pakistan was considering setting up a large-scale gas power plant of 6000MW in Pakistan in order to help it in reducing energy deficit. M/s American Ethane is a US-based energy company with headquarters in Houston and was developing the world’s premier ethane export terminal located on the Gulf Coast with annual capacity of 8 million metric tons.
In his welcome address, Muzzamil Hussain Sabri, president, Islamabad Chamber of

Commerce and Industry briefed the delegation about the investment opportunities available in energy and other sectors of Pakistan’s economy. He said the presence of many high profile international oil and gas companies in Pakistan showed resilience of this sector. He said oil and gas sector of Pakistan was still unexplored and invited the US investors to invest in Pakistan’s energy sector to earn high returns. He said the government was committed to providing friendly environment to investors, specifically in power sector and it was the right time for US investors to consider Pakistan a promising investment destination.
M. Shakeel Munir, senior vice president, M. Ashfaq Hussain Chatha, vice president ICCI, Tariq Sadiq & Zahid Maqbool, former presidents ICCI, Malik Sohail Hussain, chief coordinator FPCCI and others were also present on the occasion.