PPIB signs agreement for Bhikki power project

PPIB Managing Director Muhammad Yousuf Memon signed the agreement on behalf of the government, while Shahid Hafeez Ahmed, Chief Executive Officer of Halmore Power signed the agreement on behalf of the company.

The power project, to be located at Bhikki, district Sheikhupura, Punjab, using pipeline quality gas will apply combined cycle technology. The plant will be set up at an estimated cost of $169 million and is financed from the international markets with Dr Main M Sharif, a businessman of UK.

Debt will be provided by leading banks making it the first independent power project (IPP) to be signed under the 2002 power policy, which involves foreign lenders.