South Korean investors have shown their interest to invest $60 million in Punjab to produce energy from waste. A high level Korean delegation led by Ko Moon Seok, chairman of Heritage international, Chang Hyo Soon, Vice Chairman of Heritage International and Kim WonTaek from K-biz International visited PBIT to discuss investment opportunities.
The visiting delegates told that their independent and successful company transforms 100 ton waste into more than 50 percent energy resource (i.e. Diesel), in Korea. The Korean delegation showed keen interest to produce diesel from waste e.g. tires, animal waste, plastics, trees, drain sludge, rubber, food waste etc. The diesel produced by the unit can be used right away.
According to the spokesperson of the PBIT, the Korean company is in a process to establish their plants in Germany, Canada and Saudi Arabia. The company will need 7 Hectors of land while the establishment of this plant will take 6 to 12 months. The biggest unit requires 100 people for its working whereas the smallest unit needs 10.
CEO PBIT Jahanzeb Burana requested the Korean delegation to plan a visit again with structured plan and solid final proposal so that the work on the project can be initiated as early as possible. He also said that meeting of Korean company will be arranged with Lahore Solid Waste Management.
A letter for expression of interest is required for further processing. He assured that PBIT is ready to facilitate them with the acquiring of land as well as setting up the plant with the help of concerned departments.