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Govt, Turkish firms sign pact for energy-coal development

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KARACHI: A memorandum of understanding (MoU) between Sindh government and two Turkish companies, including Sanko Holding AS and Teyo AS together referred as “ST” was signed at Chief Minister’s House here on Thursday.

With a view to kick start investment in energy and coal development, as par decision of the Sindh government to award Thar Coal Blocks to reputable and experienced companies through transparent and competitive process.

Chief Minister Sindh Syed Qaim Ali Shah, Sindh Minister for Information Sharjeel Memon, Advisor to CM for Finance Syed Murad Ali Shah, Chief Secretary Sindh Sajjad Saleem, Secretary Energy Agha Wasif, Secretary Finance Sohail Rajput and Director General Sindh Board of Investment Muhammad Riazuddin and Abdulkadir Konukoglu President, Zekeriye Konukoglu Vice President of Sanko Holding AS and Ferudun Korkmaz President of TEYO AS from Turkish companies were present on this occasion.

Muhammad Riazuddin DG Sindh Board of Investment signed the documents of MoU on behalf of Sindh government, while Abdulkadir Konukoglu President and Zekeriye Konukoglu Vice President of Sanko Holding AS and Ferudun Korkmaz President of TEYO AS signed on behalf of their companies.

Under this MoU, “ST” Shall participate in Thar coal award process and intend to arrange 100 % project financing. “ST” promptly to provide the Sindh government with such information that may assist for application to the authorities to receive land, letter of credit, and implementation agreement.

“ST” Shall ensure to obtain financial close on or before 31-12-2014 and shall make it best efforts to implement the project in four years. From the date of achieving financial close of the project. However, the engineering and construction work for mining shall start on or before 31-12-2014, whereas the Sindh government to facilitate all permits and consents, including land acquisition, mining license for Thar Coal Blocks, implementation agreement of concession from government, semi-government and Non-Government Organizations.

Talking on this occasion, Qaim said that Sindh needed to develop energy sector, coal mining and textiles industries for domestic consumption, consequent export and economic well being of people. He said that Sindh has great potential for all these three sectors, specially through utilization of Thar coal fields. “Sindh also has good potential in agriculture fields and needs more expertise to get more per acre yield and its proper utilization, marketing throughout world.”

Murad Ali Shah told media that Sindh wanted to resolve the energy crises within its own resources, including qualitative reserves of coal, gas and powerful wind corridor. He said that so far meeting out the challenges of energy crises was concern of the federal government as well as Sindh government.