Pakistan finally shelves coal-power project under CPEC

09:46 PM | 14 Jan, 2019
Pakistan finally shelves coal-power project under CPEC
ISLAMABADPakistan has officially conveyed to China that it is no more interested in a major coal-based power plant while asking Beijing to formally delete the project from the China-Pakistan Economic Corridor (CPEC) list in view of the country's sufficient generation capacity.

During the 8th Joint Coordination Committee meeting held last month, a Pakistani delegation led by Minister for Planning and Development Makhdoom Khusro Bakhtyar proposed removing the Rahim Yar Khan coal-based power plant to provide structure optimisation space for the subsequent power market of Pakistan, an official who cited the minutes of the Joint Coordination Committee meeting which was held on 20 December 2018 was quoted as saying by The Dawn.

The Rahim Yar Khan power plant was pursued by the Quaid-i-Azam Thermal Company from Punjab government led by former CM Shehbaz Sharif, brother of former prime minister Nawaz Sharif.

But now the Pakistan Tehreek-i-Insaf (PTI) government of Prime Minister Imran Khan has removed the project from the priority list of the CPEC after it was found that surplus generation capacity had already been contracted and more contracts would lead the country to a capacity trap.

The Chinese side suggested that a joint study on optimisation of energy mix be carried out at the earliest.

The CPEC, which connects Gwadar Port in Balochistan with China's Xinjiang province, is the flagship project of Chinese President Xi Jinping's ambitious Belt and Road Initiative (BRI). The $60 billion-plus economic corridor, launched in 2015, is a planned network of roads, railways and energy projects.

Daily Pakistan Global Web Desk


Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 23 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 23, 2024 (Friday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.5 for buying and 282.45 for selling.

Euro comes down to 301 for buying and 304 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 75.95 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 23 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 279.5 282.45
Euro EUR 301 304
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 75.95 76.7
Saudi Riyal SAR 74.25 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.60 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal ‎QAR 76.76 77.43
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.87
Thai Bhat THB 7.79 7.94


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