China firm in talks for $3bn wind farm in Pakistan

Thursday, May 31st, 2012 6:00:12 by

ISLAMABAD: Chinese oil and gas company United Energy Group Ltd said on Wednesday it plans to invest billion in a wind farm project in energy-starved Pakistan and is in talks to buy equipment from mainland suppliers.  A private news channel reported.
It did not disclose the targeted total capacity for the project or provide a timeframe.
The company said, however, it had already obtained approval from the Pakistan government to construct a wind power project with a capacity of 500 MW.
Pakistan, which suffers chronic shortages of electricity, is offering clean energy producers higher rates for renewable power as it seeks to boost production, while diversifying energy supply away from oil and gas.
The major suppliers of wind power equipment in China are Sinovel and Xinjiang Goldwind Science and Technology.
Shares of United Energy closed flat in Hong Kong on Wednesday, against a 1.9 percent drop in the benchmark Hang Seng Index.
Copyright APP (Associated Press of Pakistan), 2012
Islamabad News Sources

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