BEIJING: Pakistan is to invite Chinese firms to join hands with Pakistani companies in proposed Joint Ventures (JVs) in development and operation of Strategic Underground Gas Storages (SUGS), well informed sources in Ministry of Planning, Development and Special Initiatives told Business Recorder. This offer will be made in the draft minutes of the 11th Joint Cooperation Committee (JCC) meeting on China Pakistan Economic Corridor, expected to be held soon.
The SUGS project shall be developed in line with the dynamics of future energy requirements of Pakistan, progressing gas import projects and techno-commercial considerations.
A Feasibility Study is being carried out through Asian Development Bank (ADB) appointed consultants to recommend the potential sites for developing the gas storage facilities. The Pakistani side proposed participation of Chinese companies in Joint Ventures (JVs) with Pakistani companies in project development and operation.
According to the first draft minutes, JCC noted that, with the joint efforts of both sides, energy cooperation projects under CPEC have been going on smoothly. So far, 12 projects, with a total installed capacity of 6,370 MW, have been commissioned, along with a transmission line of 4000-MW HVDC (Matiari-Lahore Transmission Line). The total investment in these projects is around USD l2 billion. The annual energy output is about 35billion KWh. Currently three projects are under construction, with a total installed capacity of 2534 MW and total investment of $5 billion.
During the COVID-l9 period, the joint efforts of both sides achieved the safe and stable operation of CPEC power stations that provided l/3 of the total power supply for Pakistan, which was an extremely important support during this period. –Agencies
