KARACHI: The Tuwairqi Steel Mills Limited, a subsidiary of Al Tuwairqi Holding of Saudi Arabia, in collaboration with Gresham’s Eastern Pvt Ltd, has formally signed a memorandum of understanding (MoU) with three Slovenian companies of the European Union – the IBE, the Turbo Institute and the KIV for indigenised development of alternate/renewable energy projects.
The MoUs were signed at the Sindh Board of Investment’s head office. According to these MoUs, the Slovenian entrepreneurs will provide new technologies to develop alternate/renewable energy resources in order to meet the ever escalating demand of power in this part of the world with special focus on minimizing the emission of green-house gases.
Through this collaboration, the IBE would provide technical assistance in setting up alternate and renewable energy based plants/facilities, while the Turbo Institute would collaborate to provide the technology of small to medium scale turbines, which are effective for hydro power set-ups on canals and rivers.
The KIV is providing leading European expertise in gasification and power generation from municipal solid waste and various bio mass sources. These three MoUs would benefit Pakistan in terms of a potential direct and indirect investment, creation of technical jobs and cost-saving on oil import.
On this occasion, TSML Director (Projects) Zaigham Adil Rizvi said that the SBI has played a pivotal role in the endorsement of these MoUs, which are expected to attract investment in this ever-growing sector, a need that is the foremost requirement of the country. Slovenia is one of the fastest growing economies among the members of EU and was a part of the former Yugoslavia in the past.
Slovenia is also known for research and development activities it harbingered since long. A number of institutes and organisations are involved in research and development in the fields of thermal sciences and power engineering.
The IBE and the Turbo Institute are pioneers among those organisations, which bring with them technologies that are simple and innovative, yet cost-effective. These technologies are particularly suited to the demographic conditions of this region.
Tuwairqi Steel signs MoU with 3 Slovenian firms
