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Thar coal reserves can turn around Pakistani fortunes

Steel News - Published on Mon, 25 Aug 2008

According to Pakistan Economy Watch the coal deposits in Thar can change the fate of the country if utilized in a proper way. It can save oil import bill, reduce unemployment and help strengthen economy, rupee and FOREX stocks.

Dr Murtaza Mughal president of Pakistan Economy Watch in a statement said that 185 billion tonnes of coal worth USD 25 trillion can not only cater the electricity requirements of the country for next 100 years but also save almost four billion dollars in staggering oil import bill.

He said that \"The project which is in limbo since a decade can help thousands of households by providing employment and help save oil import bill by USD 4-4.50 billion and help FOREX reserves to swell. It will also stabilize sliding rupee. He added that this project has already become bone of contention between the centre and Sindh province and uncertainty looms, adding that the statements of MQM Chief Mr Altaf Hussain regarding the arrival of Taliban in Karachi could pose a serious threat to this project.

Mr Murtaza said the coal power generation would cost Pakistan PKR 5.67 per unit while power generated by Independent Power Projects cost PKR 9.27. He said that \"There is a remarkable difference that will certainly life economy of the country and will provide a break to poor. He said that the German, Chinese and other companies had not only carried out surveys and feasibilities of this project but also offered 100 percent investment in last 7 to 8 years but the petroleum barons always discouraged them in a very systematic way.

He demanded a probe into the matter as some elements deprived people of Pakistan from cheap source of energy for too long in their own interest. He said that petroleum lobby is very strong in Pakistan and they are against any other means of power generation except for the imported oil. This lobby is major beneficiary of the increasing oil bill that is estimated above 15 billion dollar this year.

(Sourced from Pakistan Economist)

Posted By : admin on Mon, 25 Aug 2008
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