Reduction in major CPEC Project costs discussed

Reiteration of three projects have been ordered by the Federal Minister for Energy, Planning and Special Initiatives Ahsan Iqbal after the thirteenth Joint Coordination Committee (JCC).

While speaking to the media, he added that the projects include Azad Patan and Kohala Project and they will provide 1800MW of hydel energy to the country. Moreover, the ML-1 project of CPEC was also revised keeping in view the economy of the country. The cost of the project has been reduced from $10 billion to $6.8 billion.

Mr. Ahsan Iqbal further said that CPEC is a commemoration of Pakistan and China’s deep bond of friendship. CPEC has provided this friendship with a strong foundation for economic and economic cooperation. He also highlighted the completion of work on Gawadar Port done by the Government within 6 months.

On a question regarding the delays in circular debt of Chinese IPPs, Mr. Ahsan Iqbal said “China’s patience and collaboration despite delays is commendable, as they understand Pakistan’s economic situation. Due payments will be cleared at the earliest and instructions had already been given to relevant departments.”

The Minister also stated that the decision to utilize local coal instead of imported coal will help promote the vision of incorporating green economy. 300 Megawatt Gwadar coal will fulfill local demand for fuel along the Makran coast region and 1800 MGW will fulfill remaining demand through Kohala and Azad Pattan projects.