Korean firms to invest $2b in hydropower projects

[Toramana]

Korean firms to invest $2b in hydropower projects

LAHORE: In yet another significant development to tap water resources for electricity production, two memoranda of understanding (MoU) were signed on Monday among the Khyber-Pakhtunkhwa government, Water and Power Development Authority (Wapda) and South Korean companies.
Under the agreements, the three stakeholders will join hands in developing two hydropower projects based on public-private partnership model. Cumulative power generation capacity of the projects will be 1,161 megawatts.
The first MoU was signed with Korea Midland Power Company (KOMIPO) for the 496MW Lower Spat Gah hydropower project, while the second agreement was with K-Water/Daewoo consortium for the 665MW Lower Palas Valley hydropower project.
Korean Ambassador to Pakistan Choong Joo Choi, who was present at the ceremony, termed the agreements a milestone that would bring the two countries closer through vital hydropower projects.
Wapda Chairman Raghib Shah said the Korean firms, selected through international competitive bidding, would make an investment of more than $2 billion in construction of the power projects. “This investment reflects the confidence international institutions have in Wapda in executing water and power projects,” he added.

Shah said the two projects would contribute more than 4.5 billion units of electricity to the national grid annually.
According to Shah, these projects are part of a strategy to utilise optimally the water resources of the country in an attempt to tackle electricity shortage and stabilise power tariff for consumers.
Highlighting efforts being made to tap water resources, he said Wapda was implementing more than 20 projects to generate about 20,000MW of electricity and store 12 million acre feet of water.
Lower Spat Gah project is located on left bank tributary of Indus River with its confluence some eight kilometres downstream of Dasu town in Kohistan district of Khyber-Pakhtunkhwa.
Lower Palas Valley project is located on another left bank tributary of Indus River with its confluence some 12 kilometres upstream of Patan town in Kohistan district of Khyber-Pakhtunkhwa.

http://tribune.com.pk/story/483989/korean-firms-to-invest-2b-in-hydropower-projects/

[Toramana]

SEOUL: Pakistan and South Korea on Wednesday inked two agreements that will pave the way for the construction of Malakand tunnel and development of water resources including building of dams.
First agreement on the Malakand tunnel construction project was signed during a meeting between President Asif Ali Zardari and Export Import Bank of Korea Chairman Kim Yong-Hwan here. Under the agreement, the Korean government will provide $78 million for the project through the Economic Development Cooperation Fund.
The Malakand tunnel will not only provide a short route to the people of Dir, Malakand, Swat and adjacent localities, but will also provide easy access to markets of central Asian states.
The project, spread over 9.7 km, also includes approach roads on both sides of the tunnel and three bridges. Korean consultants, in collaboration with the National Highway Authority, which is also the executing agency, have completed initial feasibility study of the tunnel.
Speaking during the meeting, President Zardari said Pakistan and Korea should explore the true potential of trade and investment and take bilateral trade to new heights. He asked the business community to boost the trade volume from existing $1.5 billion to $2 billion in the next three years.

He said major Korean companies were doing business in Pakistan and had invested in key projects including chemical plants, energy, infrastructure and port facilities. He asked the companies to cash in on numerous opportunities and incentives for investment as Pakistan had opened all sectors of the economy.
Later, the president met with Korea Water Resources Corporation CEO Kim Keun-Ho. After the meeting, a memorandum of understanding was signed between the Korean company and Water and Power Development Authority (Wapda).
Under the MoU, both sides will work for sustainable development of the water and power sector and cooperate in flood control and building water resources including dams, hydropower plants and canals.
They will also exchange technical expertise, train engineers and technicians and conduct studies on operation and management of dams, hydropower plants, hydrology and sedimentation.

http://tribune.com.pk/story/475624/korea-commits-78-million-for-malakand-tunnel/