Pakistan's Investment Minister meets with Abu Dhabi energy sector top officials

Senator Khan met with a team of officials from TAQA (Abu Dhabi National Energy Company) and discussed recent developments in Pakistan's energy sector and identified the investment opportunities in acquisition of existing power generation and supply units, or the installation of new ones.

Speaking of the current situation in his country, Senator Khan said:

"Pakistan currently has an energy shortfall of 4,500 MW, which creates opportunities for significant investment in the country's energy sector. Although this figure is expected to decrease to 2000-2500 MW within the next 18 months, increased energy consumption may, in fact, result in an increase in the shortfall."

He explained that the Government of Pakistan is encouraging investment, and is in the process of enacting legislation that will provide foreign investors with legislative cover, with no subsequent change later.

According to Minister Khan, TAQA expressed interest in the acquisition of existing power generation and supply units as well as installation of new units, and requested Senator Khan to identify potential projects. TAQA has already expressed interest earlier this year in investing in Pakistan's energy sector, particularly in setting up a coal-based power plant that has abundant untapped coal reservoirs.

Senator Khan also met with Masdar City, the world's first zero carbon, zero waste city powered entirely by renewable energy sources, reaffirming the mutual investment interests and the historically strong relationship between the UAE and Pakistan.

Explaining the main purpose of his meeting with Masdar, Senator Khan said, "I am here, first, to extend an invitation to visit Pakistan in order to see the conducive environment for foreign investors. The Government of Pakistan is committed to protecting investors as well as businessmen, through enacting suitable legislation, and through improving law and order situation in the country."

Minister Khan was told by Masdar officials that they were aware of Pakistan's immense potential in the areas of wind and solar energy and requested the visiting team to send them wind maps and solar radiation maps for the country. Senator Khan said that Pakistan Alternative Energy Board has all the reports and these will be provided to the Masdar team without delay.

This is Minister Khan's second visit to the UAE this year for the purpose of promoting investment in the country. The UAE is the largest investor in Pakistan among the Gulf countries, having invested $3.74bn in the country between 2004 and 2008. In February this year the UAE signed a Memorandum of Understanding to hand over a 13 unit, 320 MW gas-fired power plant to Pakistan to help meet its immediate energy requirements.