Four hydro power projects to attract $7.7bn investment
Published On 26 April,2021 10:01 pm
The project would provide clean energy to 5 million people and would create 4500 job opportunities.
ISLAMABAD (Dunya News) – Four hydel power projects, under the second phase of China Pakistan Economic Corridor (CPEC), would be completed at a cost of $7.7 billion in next six years, contributing 3428 MW of clean and cheap energy to the national grid.
Official in the CPEC authority said on Monday that in order to fulfill the electricity requirements and to produce atmosphere friendly clean and green energy, numerous hydel power projects with installed capacity of 3,428 MW are being completed under the second phase.
Chinese company to invest $2.4 bn in CPEC Kohala Hydel Project
April 24, 2021
The government of Azad Jammu and Kashmir, and Chinese Three Gorges Company have signed agreements related to 1124 megawatt Kohala Hydel Power Project- Implementation and Water Usage.
The project would attract a foreign investment of 2.4 billion dollars under the umbrella of China Pakistan Economic Corridor.
This was announced by CPEC Authority, Chairman, Lieutenant General (R) Asim Saleem Bajwa, on his Twitter handle.
Federal Minister of Energy Hammad Azhar, AJK Prime Minister Raja Farooq Haider and others officials were present on the occasion of signing ceremoney.
The Kohala Hydropower Project is a proposed run-of-the-river, high head project, located near Kohala, in Azad Kashmir.
Govt forms body to finalise tax
Proposal seeks tax cut on EPC supply contract for Kohala, Azad Pattan projects
Both the companies had raised the issue that at the time of announcement of the Policy for Power Generation Projects 2002, there was no tax on payments made to an offshore supply contractor. PHOTO: FILE
ISLAMABAD:
The government has formed a committee to finalise a proposal for reducing tax on offshore engineering, procurement and construction (EPC) supply contracts relating to 1,124-megawatt Kohala and 700MW Azad Pattan Hydropower Projects.
At present, there is 2.1% withholding tax that has exposed companies to an additional tax and cost, according to a brief on the tax levy on offshore supply contracts prior to the Finance Act 2018 and changes in the tax regime enacted through the Finance Act 2018.
National
December 25, 2020
BEIJING: A Chinese Foreign Ministry spokesperson on Thursday congratulated 18 Pakistani staffers on winning awards from China in recognition of their contributions towards China-Pakistan Economic Corridor (CPEC) projects pertaining to Gwadar port, energy, infrastructure and other fields.
“An online ceremony was recently held to confer awards on the Pakistani staffers working on CPEC projects. We express congratulations to them,” Chinese Foreign Ministry spokesperson Wang Wenbin said during his regular briefing held here. He said the CPEC is an important pioneering project under the Belt and Road Initiative (BRI) and it has maintained positive momentum since its launch in 2013, making solid contribution to Pakistan’s national development and regional connectivity. “We will work with the Pakistani side to make greater contribution to deliver more benefits to the two countries and people in the rest of the region,” he added.
China has conferred awards to 18 Pakistani staffers working on CPEC projects recognizing their outstanding services, professional expertise and strenuous contribution in making CPEC a tangible reality and helping Pak-China relations stronger & sustainable despite all odds and challenges especially COVID-19 Pandemic. Awardees belong to projects pertaining to Gwadar Port, energy, infrastructure and other fields of the CPEC construction.
During online-award ceremony organized by Chinese Embassy in Islamabad, Chinese Ambassador in Pakistan Nong Rong, CPEC Authority Chairman Asif Saleem Bajwa congratulated 18 awardees and urged them to keep anchoring their roles in perpetuity.
On the occasion, Chinese Ambassador Nong Rong said “in 2020 there is no stop of the construction, no job cut, no withdrawal of workforce of the CPEC projects.”