UK conveys businessmen-intent to invest in energy

By Staff Reporter
Friday – December 11, 2020
ISLAMABAD: British high commissioner Christian Turner commended, Thursday, the initiatives taken by incumbent regime to revamp energy sector, said British companies are interested to invest especially in off grid solutions and distributed generation system.

According to a press release, United Kingdom (UK)/British high commissioner to Pakistan called on special assistant to prime minister on petroleum (SAPM-P) Nadeem Babar at petroleum division in federal capital.

He sighted great potential the UK investors foresee in Pakistani energy market.

British envoy Turner indicated approximately $1.5 billion credit line for export facility which remains largely unused, urged Pakistani projects to utilise it more.

SAPM-P Babar hailed British companies’ interest to invest, said incumbent will welcome investment and appreciate presence of British companies in energy sector.

He apprised British envoy the focus of incumbent on assembly and manufacturing of wind turbines and solar panels for renewable energy projects with collaboration of some foreign companies, invited British companies to participate.

SAPM-P Babar shared the structural reforms being carried out in energy sector in view of newly promulgated renewable energy policy.

He said the incumbent has set an ambitious target to introduce 20 percent renewable energy by 2025, 30 percent by the end of 2030, with an additional share of 30 - 40 percent hydel power generation - Pakistan will have the cleanest generation mix as a result.