China commits to finance nuclear power project in Karachi
Tuesday, December 24th, 2013 11:39:43 by Ahmad Mehdi
According to reports, the nuclear power project which was announced by Pakistani Prime Minister last month is going to be majorly financed by the CNNC (China National Nuclear Cooperation).
According to financing documents, Pakistan’s neighbouring country has committed to lending around $6.5 billion for the project, which has plans for two 1,100 megawatt reactors.
“China has complete confidence in Pakistan’s capacity to run a nuclear power plant with all checks in place,” shared chairman of the Pakistan Atomic Energy Commission, Ansar Parvez.
“As things stand, the performance and capacity of nuclear power plants in Pakistan is far better compared to non-nuclear plant,” he further added.
The chairman did not divulge any further details and gave project’s estimated completion time to be 2019. According to other sources, China has also waived off the insurance premium for the financing loan and the deal is expected to further strengthen the relationship between the two countries.
Pakistan is a country with a severe power crisis and power shortages are common throughout. The country is estimated to have a 4,000-5,000 MW shortfall and it adversely affects the economy and social conditions.
The country’s long-term power plan is looking to generate around 40,000 MW in the next 40 years.
Image courtesy: greenprophet.com
Short URL: https://www.newspakistan.pk/?p=42426
Posted by Ahmad Mehdi
on Dec 24 2013. Filed under Latest News, Pakistan.
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