Forum to attract investment in coal sector to be held in US
MABAD (APP) - The Pakistan Chamber of Commerce and Industry (PCC) USA would organize a forum in the United States to attract investment for developing coal reserves in the country.
The forum on Coal: Lucrative Business Opportunities in Pakistan would be held in Houston, Texas on November 18-19 to create awareness among international investors about the huge potential of coal and opportunities of investment in Pakistan, PCCI President, Abdul Quayyum Khan Kundi told businessmen here.
In his meeting with the President Islamabad Chamber of Commerce and Industry (ICCI), Zahid Maqbool, the PCCI President said that Pakistan has 185 billion tonnes of estimated Coal reserves and single Thar coal Reserve of Sindh,Pakistan is more than the oil reserves of Saudi Arabia and Iran. These reserves estimated at 850 trillion cubic feet (TCF) of gas, about 30 times higher than Pakistans proven gas reserves of 28 TCF, Kundi added. Despite having these vast reserves of coal, Pakistan today meets less than 1 percent of its electricity needs from coal power generation, he said adding instead it meets almost 35 percent of its needs from the more expensive oil based thermal power plants.
Compare this to other developing countries in the region China and India,which meet 70 percent and 57 percent respectively of their energy needs from Coal, said Kundi.
Chairman Standing Committee Coal PCC USA, Waseem Rahiem said that these coal reserves, worth USD 25 trillion, can cater to not only the electricity requirements of the country for next 100 years but also save more than four billion dollars per year in oil import bill.
On the occasion, Zahid Maqbool, urged the PCC President to make efforts for increasing access of Pakistani products in the USA markets and also urged USA to give more market access to textile products and reduce import duties on Pakistani products. He said that ICCI would also send a delegation in the forum and invite businessmen from other parts of the country.