Pakistan, China ink MoU for cooperation in energy sector

Pakistan and China Thursday signed a Memorandum of Understanding for cooperation in the fields of energy‚ mass transit‚ industrial cities and road sector projects, state media reported.

Under the MoU‚ China North Industries Corporation ( NORINCO) would help Pakistan for setting up industrial cities along motorways‚ road sector and solar irrigation projects, Radio Pakistan reported.

The Chinese company also agreed to facilitate financial assistance from Chinese government on a fast track basis.

Prime Minister Muhammad Nawaz Sharif also attended the signing ceremony in Islamabad.

Secretary Ministry of Water and Power Anwar Ahmed Khan and Wang Yitong, Vice President Wang Yitong of NORINCO International signed the MoU.

According to the MoU, M/S Norinco and the government of Pakistan would pursue cooperation in the fields of mass transit, energy projects specifically solar in different provinces.

A statement from the Prime Minister’s office said the company would also help the host country for setting up industrial cities along Motorways, solar irrigation and road sector projects.

The Chinese company undertook to facilitate financial assistance from Chinese government on a fast track basis.

Under terms and conditions of the MoU, Pakistan would utilize financial, technical and managerial expertise of M/s Norinco International in the aforesaid fields and other such sectors which may be identified from time to time with mutual consent of both the parties.

The Chinese company would try to provide financing and technical support, assistance and services pertaining to the sectors to Pakistan’s government.

The specific mode for implementing the projects would be developed and finalized on the basis of mutual consent between the parties.

The MoU would come into force at once and would remain valid till such time as agreed to by the parties. Among others also present during the signing ceremony included

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Posted by Tahir Khan on Jun 14 2013. Filed under Latest News, National, Pakistan. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.