Chinese Bank to Finance Gwadar Motorway

Chinese Bank to Finance Gwadar Motorway

Islamabad, March 18: The Heavy Mechanical complex in Taxila plans to manufacture  hi-tech power generation equipment and is seeking Rs21 .5 billion from the government for its modernization and up-gradation.

Currently, the HMC has peaked the technology leader and investment is required to establish new units that can manufacture modern power generations plants and equipment,” said HMC managing director Mohammed Ashraf Butt.

The HMC is the largest industrial unit of the country and has manufacture plants and

equipment for the armed forces and heavy machinery for power plants which are already in use at various hydro power plants.

Ashraf Butt said that the plan includes manufacture of thermal, hydal and alternative energy generation units currently, power generation units are imported in the country. however, spares of the existing units have been manufactured locally.

The HMC has manufactured equipment for power plants at Ghazi Barotha, Terbela, Warsak rehabilitation project, malakand-3 Hydro power project, Kundal Shahi Hydro power plant Rehabilitation , Kurram Garhi Hydro power plant turbine runner, small plants in Northern areas dams and irrigation system gates.

The vision 2030 and the mid term development framework  (MTDF) 2005 highlights that the national electricity usage by 2030 would be around 143,050 MW the total cost of establishing this installed capacity has been estimate at $150 billion, to be invested gradually .

The HMC has been suffering from business constraints mainly due to old and outdated plants and machinery as the government did not reinvest in its up-gradation.

The investment plan submitted by the HMC also said that complex would also be manufacturing equipment for oil and gas processing and gas refining plants, coal  gasification plants, high pressure boilers for cogeneration by sugar industry and all such equipment have exports potential.

I said that the local manufacturing would not only reduce cost of establishing power generation units but also save foreign exchange if the electricity manufacturing units are not imported.

The up-gradation plan also includes training of manpower at the HMC manufacture of technology intensive engineering good, and help in strengthening the heavy engineering base in the country.

With a total factory area of 226 acres.

 

Islamabad, May 19: A leading Chinese bank on Thursday agreed to finance multi-billion dollar Karachi Faisalabad-Gwadar motorway project.

Chairman of the EXIM Bank Li Ruogu during a meeting with Prime Minister Yousuf Raza Gilani said the bank will shortly send a team to Pakistan to carry out feasibility study for the project.

Appreciating the financial contribution of the EXIM Bank in major projects in Pakistan, including Chashma Nuclear Power Plant, Karakoram Highway and Saindak Gold and Copper Mining Project, the prime minister said the financing of Karachi-Gwadar motorway would be another shining example of Pak-China friendship.

The prime minister held separate meetings with different Chinese banks and groups. The head of Hudian group told Gilani that his group will invest $400 million for setting up 350MW thermal power unit near Lahore.

He said that his company had expertise in hydro and coal-fired power projects and was working on various projects in East and South Asia.

The prime minister invited the group to invest in Thar coal power project and Bhasha Dam.

The Hudian group chief said that a delegation will be sent to Pakistan to conduct feasibility studies.

Mr Gilani briefed the Chinese business leaders about the investment-friendly policies of the government and huge potential of investment and financing in various sectors.