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QUETTA, Pakistan – China stepped up its presence in Pakistan this week with the opening on Monday of the Pak-China Investment Co Ltd (PCIC) in the business and financial hub of Karachi to be followed with the establishment of offices in northeastern Lahore, the second-largest city and capital of Punjab, on December 27. The move, aimed at boosting trade btween the two countries, comes amid continued concerns over the safety of Chinese workers in Pakistan.
PCIC, established under the Pak-China Five-Year Development Program, will serve as a window for the China Development Bank
to evaluate joint ventures between the two countries. The bank, which operates under the State Council, or cabinet, is primarily responsible for funding large development projects.
Category: Asia Times
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Balochistan plans to set up a coal-fired power plant of 50 megawatts to overcome power shortage in the province. Last week, the provincial government signed a memorandum of understanding (MoU) with a Canadian firm for undertaking the project by utilising locally extracted coal.
Under the deal, Balochistan Power Generation Limited (BPG) and Canadian Everlight Energy Corporation (EEC) would prepare project feasibility and submit it to provincial Thermal Power Board for approval. The Board would settle matters relating to tariff and supply of electricity between Quetta Electric Supply Company (QESCO) and these companies. The companies would be bound to spend five per cent of their total revenue on development of social sector in the areas where they supply power.
Pakistan Steel Mills Corporation (PSMC) also plans to purchase 60,000 tons of coal during the current financial year from the province. The PSMC chairman recently visited Balochistan and found the coal of good quality that fulfils the Pakistan Steel criteria.
Category: Dawn
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