https://sputniknews.in/20230621/china-and-pakistan-ink-34-billion-deal-to-build-nuclear-power-plant-2591772.html
China and Pakistan Ink $3.4 Billion Deal to Build Nuclear Power Plant
China and Pakistan Ink $3.4 Billion Deal to Build Nuclear Power Plant
Sputnik India
China and Pakistan have signed a Memorandum of Understanding (MoU) to construct a 1,200-megawatt (MW) nuclear power plant
2023-06-21T15:09+0530
2023-06-21T15:09+0530
2023-06-21T15:09+0530
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China and Pakistan have signed a Memorandum of Understanding (MoU) to construct a 1,200-megawatt (MW) nuclear power plant, Pakistan Prime Minister Shehbaz Sharif said in a statement on Tuesday.The MoU to build ‘Chashma V (C-5)’ facility in the Punjab province was signed between Pakistan Atomic Energy Commission (PAEC) and China National Nuclear Cooperation Overseas Limited (CNOS) in the presence of Sharif.The signing of the contract was also witnessed by Pang Chunxue, the chargée d'affaires (CdA) of the Chinese embassy in Pakistan.The Pakistan PM said that deal sent a “loud and clear message” on the faith reposed by Chinese companies in the country, which has been facing an economic crisis owing to shortage of forex reserves on account of global volatility in fuel and food prices.He used the occasion to criticize the International Monetary Fund (IMF) for the “inordinate delay” in disbursing the bailout funding under an Extended Economic Fund (EEF) facility. Sharif noted that Beijing had come through for Islamabad with financial support amid delays in the release of funds by the IMF.He remarked that the “vital project” would add another facet to the “multi-layered cooperative strategic partnership” between China and Pakistan. The two countries have developed strong economic and defense cooperation. The China-Pakistan Economic Corridor (CPEC), connecting the Xinjiang Autonomous Province to Gwadar on the Arabia Sea, has been described as the "flagship" project under Beijing-backed Belt and Road Initiative (BRI).
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China and Pakistan Ink $3.4 Billion Deal to Build Nuclear Power Plant
Pakistan opened its sixth nuclear power plant in the southern port city of Karachi in 2021, with that project also built with the help of China. Pakistan’s overall nuclear energy production capacity stands at 1,400 Megawatts (MW).
China and Pakistan have signed a Memorandum of Understanding (MoU) to construct a 1,200-megawatt (MW) nuclear power plant, Pakistan Prime Minister Shehbaz Sharif said in a statement on Tuesday.
The MoU to build ‘Chashma V (C-5)’ facility in the Punjab province was signed between Pakistan Atomic Energy Commission (PAEC) and China National Nuclear Cooperation Overseas Limited (CNOS) in the presence of Sharif.
The signing of the contract was also witnessed by Pang Chunxue, the chargée d'affaires (CdA) of the Chinese embassy in Pakistan.
“The project will be built with Chinese investment of $3.48 billion. Despite the inflation since the deal was signed in 2017, China National Nuclear Cooperation did not increase the project cost. Rather, it gave a discount of 750 million RMB ($104 million) on my request,” Sharif revealed.
The Pakistan PM said that deal sent a
“loud and clear message” on the faith reposed by Chinese companies in the country, which has been
facing an economic crisis owing to shortage of forex reserves on account of global volatility in fuel and food prices.
He used the occasion to criticize the International Monetary Fund (IMF) for the “inordinate delay” in
disbursing the bailout funding under an Extended Economic Fund (EEF) facility.
Sharif noted that Beijing had come through for Islamabad with financial support amid delays in the release of funds by the IMF.
The Pakistani leader said that the upcoming nuclear power facility was part of his government’s “energy security plan to diversify the energy mix with a focus on ensuring the provision of cheap electricity to the industry and (provide) relief to the common man”.
He remarked that the “vital project” would add another facet to the
“multi-layered cooperative strategic partnership” between China and Pakistan. The two countries have developed strong economic and defense cooperation.
The China-Pakistan Economic Corridor (CPEC), connecting the Xinjiang Autonomous Province to Gwadar on the Arabia Sea, has been described as the "flagship" project under Beijing-backed Belt and Road Initiative (BRI).
“Our friendship is higher than the Himalayas, deeper than the deepest ocean, sweeter than sugar and honey, and stronger than iron and steel,” he said.
