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UAE group to invest Dh500m in power plant

BY MUZAFFAR RIZVI / 7 October 2007

DUBAI — ETA Star Group, part of the Abdullah Al Ghurair Group, has signed an implementation agreement worth Dh500 million with Private Power and Infrastructure Board (PPIB) to set up a power project in Pakistan.

The project is expected to be completed and functional by 2010 and will supply 134-megawatt electricity to the national grid of Pakistan. It will be based at Dharki, district Ghotki in Sindh.

Acting managing director of PPIB Mohammad Yousuf Memon and CEO of Star Power Project Musarrat Zuberi, signed the agreement on behalf of their respective organisations recently.

TransAsia Gas International LLC, a subsidiary of Al Ghurair Investment LLC, is a co-investor in the project.

ETA's subsidiary Star Power Generation Limited will spearhead this gas-fired combined cycle 134-megawatt Independent Power Project (IPP). The plant will be allocated low BTU gas by the Government of Pakistan from their Mari Deep reserves for 25 years.

Commenting on the deal, Hameed Salahuddin, Director of ETA Star Group, said: "This power generation project and other infrastructural projects initiated by us in Pakistan are a testament of our commitment to the country's development. We are proud to be instrumental in contributing to and supporting the overall infrastructural development of Pakistan."

The ETA Star Group has a presence in 22 countries, with a consolidated turnover in excess of $4 billion in 2006. The company plans to become an integrated power generation company in the long run.

ETA Star Group is simultaneously also developing a Dh825 million hydel power station in northern Pakistan.

Also, TransAsia is one of the pre-qualified bidders for the privatisation of Pakistan State Oil Company Limited. It is also developing a 100,000 barrels per day capacity petroleum refinery at Port Qasim, Pakistan.

Moreover, PPIB is planning to commission 10 new power projects in private sector which will produce 2,255 megawatts electricity at a cost of $1.691 billion.

The board approved four more power projects in the private sector in its meeting on last Thursday. These projects will generate 920-megawatt electricity in which Chichoki Mallian Power Project by Qatar Investment Authority will contribute major share of 500-megawatt.

According to PPIB sources, the process to commission these projects is expected to complete in 2007-08.

 
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