PPIB, EEL sign accord for 226.5 megawatts power project

Islamabad: The Implementation Agreement (IA) for 226.5 MW power project by Engro Energy Limited (EEL) was signed on Monday at Private Power and Infrastructure Board (PPIB). Mohammad Yousuf Memon, Managing Director PPIB signed the agreement on behalf of the Government of Pakistan, while Khalid Mansoor, CEO of Engro Energy (Pvt) Limited (EEL) on behalf of the company.

Earlier on October 26, the company had signed the Power Purchase Agreement (PPA) with NTDC and financial closing of the project is expected very soon. The power plant will be located at Qadirpur, Sindh, using Low BTU permeate gas from Qadirpur field, and will apply combined cycle technology.

The Power Complex will be set up with an estimated cost of $205 million, the sponsor of the project is Engro Chemical Pakistan Limited (ECPL), while the financing will be provided by foreign banks. It is expected that the Power Complex will start supplying power to the national grid by December 2009.-PR