December 07 , 2016
News
K-Electric, Shanghai Power to sign $9 billion deal for Karachi
KARACHI: Karachi electric (KE) and The Shanghai Electric Power Company are all set to sign an agreement which can be prove to be instrumental to solve the power crisis for Karachities.In a meeting chaired by Minister for Water and Power Khawaja Muhammad Asif, Minister for Petroleum and Natural Resources, officials from privatization commission, board of investment, the Shanghai Electric Power along with the management of KE unveiled a $9 billion investment plan to expand transmission, distribution and generation systems of K-Electric (KE).
Shanghai Electric is one of the largest companies in power sector in China eagerly wants to invest in Pakistan along with other Chinese companies of various sectors as part of the $46 billion China-Pakistan Economic Corridor (CPEC).
It is pertinent to mention that the agreement between KE and Shanghai Power is dependent on the approval by the relevant authorities after the requisite terms and conditions are met and when signed, this deal could prove to be the biggest private-sector acquisition in the country's history.
Courtesy www.dailytimes.com.pk