American Ethane, a U.S.-based company, has expressed interest in setting up three power projects of 2,000 megawatts each in Pakistan, as the South Asian country struggles to overcome chronic energy crisis.
The company’s officials, John Teter, Michael Hood, Water Teter and Alex Domakhin, as part of a delegation of U.S. and European investors, met Pakistan’s Minister for Water and Power, Khawaja Mohammad Asif and discussed the construction of the power projects, according to an official statement of the Pakistan’s government.
The company would set up their own terminals and all required infrastructure to execute the project, Pakistan’s ambassador at large and special envoy to the Prime Minister Javed Malik said.
The government is “working hard to reach out to the international business community and encourage them to invest in Pakistan,” he added.
American Ethane has its headquarters in Houston and a state-of-the-art export facility is under construction on the Gulf of Mexico at Shady Grove, La. Led by a team of energy industry professionals, according to the company’s website.
Pakistan, the South Asia’s second-largest economy, has long suffered from power and gas shortages that has affected its industrial growth.
The government of Prime Minister Nawaz Sharif is trying to overcome energy shortages and meet growing demand on the commercial and industrial sector.
Pakistan and China recently signed various agreements during the visit of Chinese President to Pakistan. As a result of these accords, nearly $15.5 billion worth of coal, wind, solar and hydro energy projects will come online by 2017, according to the official documents. Together, they will add 10,400 megawatts of energy to the country’s national grid.