Chinese company to invest $ 3b to establish wind farm in Pakistan

Chinese company to invest $ 3b to establish wind farm in Pakistan

Hong Kong: A Chinese oil and gas company named United Energy Group Ltd said today that it plans to invest around $ 3 billion to build a wind farm project in Pakistan to meet the country’s energy needs. The sources have confirmed
that after successful negotiations, the company has already ordered to buy the necessary equipment from the mainland suppliers.

United Energy, that has already invested heavily in Pakistan to explore oil and gas reserves, said it plans to construct the said wind farm in several phases. Since the project is still in its initial phases, the company, that
invested around $ 775 billion in Pakistan’s oil and gas sector back in 2010, did not reveal details about the power generation capacity of this wind farm, nor did it provide information on a time line describing since when the farm will start generating output.

However, some sources in the company revealed that it has already obtained permission from the govt. of Pakistan to construct the said wind project that will have a capacity of generating 500 megawatts of electricity.

An energy starved Pakistan, in order to get rid of its chronicle shortage of electricity, is offering clean energy producers higher rates for renewable power as it strives to boost production to bridge the demand and supply gap.
If the renewable energy projects successfully start working, it will save the country’s cost on oil and gas that is presently being used to overcome the energy crisis.

Short URL: https://www.newspakistan.pk/?p=24075

Posted by Fayyaz Yaseen on May 30 2012. Filed under Latest News, Pakistan, World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry