November 20, 2008

6 companies to invest in Thar coal project

Nation.com.pk reported that according to a senior official of Mines and Mineral Department of Pakistan at least six local and international companies have shown their interest for making investment in coal based power project in Thar.

The famous Pakistani financial group, Jehangir Siddiqi Group, Saudi Arabia based Al Tuwairqi Group, and a multinational of Yeman are in the run to make investment in coal based power project. Al Tuwairqui Group of companies is one of the leading business concerns in the Kingdom of Saudi Arabia while JS is leading financial Group of Pakistan.

As per report, the provincial government made mandatory that preference would be given to those companies with sound financial position of at least USD 200 million in paid up capital and those which are dovetailed with power project of at least 1000 MWs.

Advisor to Chief Minister on Mines and Mineral Department Dr Khato Mal Jeewan while talking to The Nation said the Sindh government had invited proposals from companies interested in a project of open cast mining in Thar coalfield in a joint venture with equity participation of provincial government.

Advisor said the Board of Directors of Sindh Coal Authority will look into the offers submitted in return of invitation of provincial department and than short listed. Advisor said out of 3 to 4 companies, the majority of them did not fulfill the requirement which they signed in Terms and References. He said that notices have been issued to those companies which proved default in fulfilling the TOR. He added that Wapda, NEPRA, oil and generators’ importers mafia was the main hurdle in utilization of coals of Sindh because they are making billion of rupees profit in this business.