Chinese oil and gas company United Energy Group Ltd said on Thursday that it could tap a $5 billion credit facility with state-owned China Development Bank Corp to fund a wind farm in Pakistan and has been approached by mainland companies looking to co-invest in the project.
The company was also considering selling shares or issuing bonds to fund the proposed $3 billion project, which was at a preliminary stage, and investment would take place over a number of years, a company spokeswoman said.
United Energy, controlled by Chinese tycoon Zhang Hongwei, signed a loan facility with China Development Bank in December 2010, giving it access to $5 billion in cash and highlighting the bank’s push to fund overseas expansion by mainland companies.
United Energy obtained approval early this month from the Pakistan government to construct a 500-megawatt wind power project. Such capacity usually requires an investment of about $1 billion, although the company has not disclosed the final capacity of the project.
A mega Project in Pakistan History.. 500-megawatt wind power project means saving worth amount on oil import. that has collapsed whole system.
now Pakistan comes on top in energy exporter…jumping up with wind power expected soon…Gud newz OF rMDAN…UZI96
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