Pakistan's largest fertilizer
producer, Fauji Fertilizer Company Limited (FFCL) is entering into a
strategic alliance with the Hub Power Company Limited (HUBCO)to set up a 330 MW
Coal based Power Plant in Thar. The announcement came after FFC
Board of Directors’ meeting held in Rawalpindi on Wednesday, 15thof
March 2017.
The power plant,being a CPEC
Project, will be built under a special purpose company, Thar Energy
Limited (TEL), and will be based on indigenous coal to be mined from the coal
fields of Thar Block-II. Commenting on the joint venture with HUBCO, Lt Gen
Shafqaat Ahmed, HI(M) (Retd), CE&MD FFC assured that this project will help
address the power shortfall in the country utilizing local coal, which is also
a major goal of the current Government besides adding value to the Company’s
long term investments in the best interest of its
shareholders.
FFC and HUBCO both are well reputed and internationally recognized corporate entitieswith extremely high business and financial credibility. CE&MD FFC added they believe that this strategic partnership will open up new avenues of business growth, whereas theexcellent financial position, credibility and best business practices of the two corporate giants will provide synergy and confidence forall the stakeholders.
Ground work on the site has
already commenced and the project is expected to begin commercial production by
end 2019.
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