AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Cheap Power Generation Crucial As Energy Import Bill Swells to $27 Billion says Pakistan Premier

admin-augaf by admin-augaf
December 5, 2022
in Business, Finance
Reading Time: 3 mins read
0
PM
Share on FacebookShare on TwitterWhatsapp

Islamabad December 5 2022: Pakistan Prime Minister Shehbaz Sharif on Monday said Pakistan was in dire need of generating cheap electricity as the energy import bill exorbitantly touched $27 billion.

He was addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant, carried out with the support of the United States Agency for International Development (USAID).

PM Shehbaz Sharif said Pakistan, which was already facing immense challenges of economic stability, could not bear the heavy costs of energy import bills and thus needed to utilize alternative sources of electricity production.

He regretted that in 75 years, both democratic and military rulers were responsible for not building sufficient dams to meet the energy needs.

“Had the water reservoirs built on time, the country’s energy import bill would not have swelled to USD 27 billion,” he said, pointing out that “powerful lobbies and cartels” did not let materialize the construction of dams and launch of solar power projects.

Also, in the wake of recent flash floods in the country, he said, dams were crucial to mitigate the effects of climate change.

The prime minister termed the assistance of USAID for the refurbishment of the units of Mangla dam as a “wonderful example of cooperation” between Pakistan and the United States.

He lauded the valuable grant of USD 150 million by USAID along with the financial support by the Development Agency of France amounting to 90 million euros besides another pledge of 65 million euros. Also, WAPDA (Water and Power Development Authority) contributed USD 178 million (PKR 20 billion rupees) from its own resources, he said.

He expressed satisfaction over the interest of the U.S. to carry out an extension programme of the country’s largest Tarbela dam.

Shehbaz Sharif said the 75-years-old friendship and bilateral relationship between Pakistan and the U.S. had further strengthened at the levels of trade and investment.

United States Ambassador Donald Blome said the Mangla dam was a great symbol of U.S.-Pakistan cooperation and added that the U.S. was also assisting WAPDA in increasing the power generation capacity of the Tarbela and Gomal Zam dams.

He said maintenance and upgrades of dams were of critical importance in the wake of climate change and expressed hope that the green alliance between the two countries would prove beneficial for the energy and agriculture sectors of Pakistan.

The General Electric Hydro France Project Director said despite the challenges of the COVID-19 pandemic, the suspended projects of refurbishment were carried out effectively. He mentioned that six more units of Mangla dam would also be refurbished in the future.

Chairman Water and Power Development Authority (WAPDA) Lt Gen (retd) Sajjad Ghani said the refurbishment of the units of Mangla dam was in line with the keen interest of the federal government to provide clean, green and cheap energy to the people of the country.

He said WAPDA had not only initiated new hydropower projects, but also been rehabilitating and upgrading its existing hydel power stations including Mangla to maximize the ratio of environment-friendly and low-cost hydel electricity in the national grid.

Prime Minister of Azad Kashmir Sardar Tanveer Ilyas, Special Assistant to PM Tariq Fatemi, Secretary Water and Power Division Hassan Nisar, and senior officials were present.

The prime minister also visited the refurbished units of the dam, where he was given a detailed briefing about the project.

Tags: Power
admin-augaf

admin-augaf

Related Posts

Pakistan Textile Exports increased 26 percent to USD 14.26 billion YoY in 9MFY22: APTMA
Business

Pakistan’s Textile Exports Surge 32% in July, Led by Value-Added Segments

August 22, 2025
Gold
Business

Gold Fields Half-Year Profit Triples on Record Prices

August 22, 2025
Pakistan will get back $900 million payment of Reko Diq dispute if conditions not met
Business

ADB To Provide $410 Million For Reko Diq Project

August 22, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

Pakistan Textile Exports increased 26 percent to USD 14.26 billion YoY in 9MFY22: APTMA

Pakistan’s Textile Exports Surge 32% in July, Led by Value-Added Segments

August 22, 2025
Gold

Gold Fields Half-Year Profit Triples on Record Prices

August 22, 2025
Pakistan will get back $900 million payment of Reko Diq dispute if conditions not met

ADB To Provide $410 Million For Reko Diq Project

August 22, 2025
Moody

Moody’s Upgrade Ratings of Five Pakistani Banks

August 20, 2025
EPQL accept PPIB proposal to operate plant on comingled fuel but at its own cost

EPQL Executed Supplemental Agreement to PPA with CPPA for Additional Gas

August 20, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Pakistan’s Textile Exports Surge 32% in July, Led by Value-Added Segments
  • Gold Fields Half-Year Profit Triples on Record Prices
  • ADB To Provide $410 Million For Reko Diq Project

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Pakistan Textile Exports increased 26 percent to USD 14.26 billion YoY in 9MFY22: APTMA

Pakistan’s Textile Exports Surge 32% in July, Led by Value-Added Segments

August 22, 2025
Gold

Gold Fields Half-Year Profit Triples on Record Prices

August 22, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.