The News cited Mr Masood Khalid high commissioner for Pakistan in Malaysia as saying that a Pakistani firm has signed an agreement with a Malaysian company under which the latter will operate and maintain an under-construction power complex in Pakistan.

Mr Masood Khalid said that “There is a vast scope for Malaysian businessmen to invest in Pakistan’s energy sector because of massive power shortage that has reached 7,000 megawatt in current summer. The deal worth USD 14.1 million is for the operation and maintenance of 84 MW New Bong Escape Hydroelectric Power Complex being built at a cost of USD 235 million on the Jhelum River in Azad Jammu and Kashmir.’

Mr Khalid said that our system is falling short of meeting the demand which comes as a good opportunity for overseas investors, especially those from Malaysia, to come and invest aggressively in this sector.

The services would be provided for an initial period of 5 years with an option of extending it for another seven years. The 15 month mobilization period for the project is likely to commence in August 2011. Under the project, TNB Remaco will extend technical personnel and skilled expertise to perform daily operations as well as routine maintenance of the complex.

The new agreement is the second major collaboration between TNB Remaco and HUB Power Company, a key shareholder of Laraib Energy, following a similar agreement signed earlier for the operation and maintenance of 213.6 MW power plants in Punjab.

(Sourced from www.thenews.com.pk)