London, UK (PRWEB) October 05, 2012
On Friday, October 5th, during the United States – Pakistan Business Opportunities Conference presented by the Office of the U.S. Trade Representative & Government of Pakistan, US-based International Electric Power LLC (IEP) announced the creation of IEP DCL Pakistan Limited, to supply electricity from a 94-Megawatt natural gas fired combined cycle power plant located in Karachi, Province of Sindh. The project involves the acquisition, rehabilitation and operation of the plant along with daily production of 3 million gallons of desalinated water.
The plant commenced its commercial operations in 2008, but after experiencing equipment failures, was completely shut down in 2010.
As part of the acquisition, the majority equity stake that was originally owned by Sacoden Investments (Pte.) Limited, then purchased by AEI, will now be transferred to IEP, a power company with a growing portfolio of international assets. Peter Dailey, CEO of IEP, said “this is an important asset to Karachi. IEP plans to rehabilitate the plant and make all necessary modifications so that the both the power and desalination plant will operate reliably. IEP is committed to Pakistan for the long term. Given the need for power in Pakistan we are exploring several other power generating opportunities throughout the country, but before embarking down those paths in earnest we will make sure that the plant is operating well.” Amongst the many benefits that this plant will provide to the national economy of Pakistan, it will ensure a reliable supply of electricity, using clean-burning, indigenous natural gas. With prevailing oil prices and logistical complexities involved with transferring oil upcountry in Pakistan, this gas-powered plant means significant savings to the national exchequer.
Also of high importance, water desalination is another great benefit brought to the local residents. The plant has the capacity to produce 3 million gallons per day of fresh water.
Restoration and operation of the Power and Desalination plant will stimulate the local economy by creating more than one hundred direct and indirect job opportunities to the residents of Karachi. The project is socially and environmentally safe because of the minimal construction needed, as the plant has already been built. The plant will utilize high-efficiency, low-emission power generating technology which consumes little water, produces insignificant emissions and zero liquids discharges.
IEP is an independent power company headquartered in Pittsburgh, Pennsylvania. IEP is in the business of acquiring or building and owning energy-related projects worldwide with a special focus on electric power generation from natural gas and renewable energy sources. http://www.iepwr.com
For information contact:
Bryan Tamburro; btamburro(at)iepwr(dot)com; Phone: +1.412.225.8972
Ieva Abolina; iabolina(at)iepwr(dot)com ; Phone: +1.412.567.1491