Shanghai Electric proposes $9bn investment plan for K-Electric

ISLAMABAD: China's Shanghai Electric, the new proposed shareholder of K-Electric along with the management of KE, on Tuesday presented its business plan worth $9 billion for improving and value-adding in the KE power infrastructure, according to a press statement.

A high-level meeting of the body constituted by the Cabinet Committee on Energy (CCE) for discussion on K-Electric transaction was held here on Tuesday, with Minister for Water and Power Khawaja Muhammad Asif in chair.

Shanghai Electric, one of the largest companies in power sector in China, shared its profile, international expertise and similar experience at the meeting. The business plan also included transmission, distribution and generation of power by KE.

The government appreciated and welcomed the investment and change of shareholder in the K-Electric, highlighted the need for KE to synchronize its plans of investment to bring up the infrastructure and the generation facilities with the overall national plan for minimising and eliminating load shedding in the country by 2018.

It also ensured its support to the efforts for improvement in the quality and quantity of service to the consumers of K Electric.

The meeting was attended by minister for Petroleum and Natural Resources, chairman Privatization Commission and chairman Board of Investment.

Senior high-level representatives from ministries of Water and Power, Petroleum & Natural Resources, Finance and Law and Justice Division were also there in attendance.