Pakistan and China Sign $4.8 Billion Nuclear Power Plant Deal

By Asif Shahzad
Tuesday, June 20, 2023

Pakistan and China signed a $4.8 billion deal on Tuesday to build a 1,200-megawatt nuclear power plant, Prime Minister Shehbaz Sharif said, hailing the investment by a country that Pakistan views as its most dependable ally.

Work on the Chashma 5 project would begin immediately, Sharif said on state-run news channel PTV following the signing of the memorandum of understanding (MOU) between China National Nuclear Cooperation and Pakistan Atomic Energy Commission.

"Investment from China in this project to the tune of $4.8 billion sends a message loud and clear that Pakistan is a place where Chinese companies and investors continue to show their trust and faith," Sharif said.

The Chashma 5 project will be built in the central province of Punjab. China's support will help Pakistan make the transition away from reliance on fossil fuels.

Pakistan's total nuclear energy production capacity rose to 1,400 mw, when the country's sixth nuclear power plant opened two years ago. Located in the southern port city of Karachi, that 1,100 mw plant was also constructed with Chinese assistance.

Sharif, whose government is desperately struggling to stave off a balance of payments crisis, thanked the Chinese partners for offering a $100-million discount for the latest project.

It is unclear whether the new investment is part of the $65 billion that China has pledged in infrastructure building for Pakistan under its Belt and Road Initiative.

The new project was originally planned to start a couple of years ago, and Sharif expressed thanks to the Chinese side for not rescheduling costs despite the long delay. Instead, he said, the Chinese had disbursed an initial 30 billion Pakistani rupees ($104.53 million) to start the project.


($1 = 287.0000 Pakistani rupees)

(Reporting by Asif Shahzad; Editing by Simon Cameron-Moore)

Categories: China Nuclear

Related Stories

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

CNOOC Starts Production at Offshore Field in South China Sea

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

Three Dead in Chevron's Angolan Oil Patform Fire

BW Opal FPSO Vessel set for Work off Australia

Current News

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com