LF-BJMB
Hubco, Fauji Fertilizer to set up coal-fired power plant

Hubco, Fauji Fertilizer to set up coal-fired power plant

hubco fauji fertilizer to set up coal fired power plant
They join hands with Chinese firm for the 330MW project in Thar

KARACHI: Two Pakistan-based leading companies in the power and fertiliser sectors have joined hands with a Chinese state-owned firm for setting up a 330-megawatt coal-fired power project in Thar, according to notices sent to the Pakistan Stock Exchange (PSX) on Thursday.
“Hub Power Company (Hubco) has signed a shareholders'agreement on March 15, 2018 with Fauji Fertilizer Company Limited (FFC) and China Machinery Engineering Corporation (CMEC) for equity injection into Thar Energy Limited by Hubco of 60%, FFC 30% and CMEC 10%,” Hubco Company Secretary Shaharyar Nashat said in a notice.
They signed the agreement in Islamabad. The proposed equity investment would be subject to obtaining all necessary corporate and regulatory approvals by the companies involved in the project, he added.
Hubco's share price inched up 0.05%, or Rs0.05, to close at Rs97.42 with 101,000 shares changing hands at the PSX.
FFC's share price dropped 0.47%, or Rs0.40, and closed at Rs85.59 with a volume of 482,000 shares.
“The power plant, being a CPEC project, will be built under a special purpose company, Thar Energy Limited, and will be based on indigenous coal to be mined from the coalfields of Thar block-II in which Hubco has an 8% equity stake,” a press statement added.
“Financial close of the project is expected in June 2018,” it said.
Thar Energy CEO Saleemullah Memon said groundwork on the site had already commenced and the project was expected to begin commercial production by December 2020.
Hubco CEO Khalid Mansoor said Thar coal mines would be a game changer as they would indigenise energy resources for the country.
The project being set up by Thar Energy would be amongst the first in a series of power plants based on Thar coal and would lead to substantial foreign-exchange savings.

FFC Chief Executive Shafqaat Ahmed said the project would help overcome power shortfall in the country by utilising domestic coal, which was also a major goal of the government, besides adding value to the company's long-term investments in the best interest of its shareholders.
They said the strategic partnership would open up new avenues of business growth whereas the excellent financial position, credibility and best business practices of the two corporate entities would provide synergy and confidence for all the stakeholders.
Related News
  • Space Frame Components

    Space Frame Components

    June 4, 2018Composed of two components, the members and joints form the structural integrity of the space frame. Members are axial elements with circular or rectangular sections resisting tension and compression,...view
  • Reichstag Dome

    Reichstag Dome

    November 23, 2017The Reichstag dome is a large glass dome with a 360 degree view of the surrounding Berlin cityscape. The debating chamber of the Bundestag, the German parliament, can be seen down below. A mirrored co...view
  • Hanking Center Tower In China To Become Tallest Detached Core Building Worldwide

    Hanking Center Tower In China To Become Tallest Detached Core Building Worldwide

    November 21, 2017Hanking Center Tower in Shenzhen, China has recently topped out, with the 62nd floor now in place. Defined by its detached core configuration, the building positions its primary core 9 meters outside ...view
  • LF-BJMB --- Technology exchange in Europe

    LF-BJMB --- Technology exchange in Europe

    April 16, 2019LF-BJMB --- Technology exchange in EuropeOct. 2018, The general manager of LF successively exchanged production technology with steel structure factories in Holland, Germany, France and other countrie...view
  • Types of Steels in the Steel Industry

    Types of Steels in the Steel Industry

    November 23, 2017Steel is an important element in our day-to-day lives is an alloy of iron and other element particularly carbon which is widely used in construction and other applications. They're widely used because...view
  • Frameless Glass Roofs

    Frameless Glass Roofs

    November 21, 2017Structural Glass can be utilised in roofing areas to create a fully glazed roof to any space or room. Especially useful in internal rooms where external windows are far away or small and rear extensio...view
  • TEL:+86 516 8595 0258
  • FAX:+86 516 8595 0278
  • Email:marketing01@cnxzlf.com
  • ADDRESS:222, Block B, Diamond International, Guozhuang Road, Xuzhou, Jiangsu, China

[QUERYS RESOURCE ID #57]

Total quantity:881, Total process time:0.21738601 ms

[FILES LOADED]

Total quantity:22

Use Memory: 11.9MB

Time-consuming: 0.37388 ms