Pakistan signs energy MOU

Pakistan Board of Investment recently signed a memorandum of understanding with the Korea Southern Power Company and Hyundai Heavy Industries to develop Pakistan’s energy resources.

“Pakistan is interested in the development of its energy resources, and attaining a needed level of electricity generation to meet its projected demand of 54,000 megawatts by the year 2020,” said Pakistan Ambassador Shaukat Ali Mukadam.

Through this agreement, KOSPO and Hyundai Heavy Industries have offered to assist the Pakistani government in achieving these goals through longstanding engagements in the energy sector.

“The Pakistani investment board is prepared to facilitate the parties through ‘one window’ services to meet the objectives of the MOU,” he said.

The deal will examine diverse energy sources such as wind, solar, geothermal, biomass, coal, hydro, conventional thermal through gas and steam turbines and refurbish existing plants while transferring technology for the manufacture and repair of needed turbines.