Tag Archives: CPEC

Senior engineers vet Engr. Syed Abdul Qadir Shah for PEC elections

on 02/11/2023

A select gathering was organized by Engr. Shahnawaz Nahiyoon to honor Engr. Syed Abdul Qadir Shah, Chairman of the National Engineers Association (NEA).
The event brought together engineers from various fields, including CEOs, Chief Engineers, GMs, and directors from public and private organizations. The purpose of the gathering was to acknowledge the contributions of Engr. Syed Abdul Qadir Shah and discuss the work of the NEA.
The meeting included Engr. Syed Abdul Qadir Shah, Chairman, National Engineers Association, Engr. Shahnawaz Nahiyoon – the organizer of the event, Engr. Abdul Rehman Shaikh, General Secretary, NEA, Engr. Mohsin Ail Khan, Engr. A. Majid Malik, Engr. Abid Shah Bukhari, Engr. Cap. Waqar Hussain and others.
Syed Abdul Qadir Shah briefed the moot on activities of National Engineers Association (NEA). He highlighted the association’s goals, achievements, and ongoing initiatives aimed for promoting the engineering profession in the country.
One of the focal points of the gathering was to make a comparative analysis of the performance of the Pakistan Engineering Council (PEC) during different tenures.
Participants shared their perspectives and experiences related to the PEC’s functioning and appreciated the work carried out under the chairmanship of Engr. Syed Abdul Qadir Shah. His efforts were commended for the advancement of the engineering sector.
Some participants requested him to contest for the office of Chairman of the council in the upcoming election.
Also, They highlighted his track record, commitment, and vision for the engineering community, expressing their belief that his continued involvement would further strengthen the PEC’s role and effectiveness.

The SBTi approves Pakistan Cables science-based emissions reduction target

on 02/11/2023

Pakistan Cables, the pioneer wire and cable manufacturer in Pakistan, has become the country’s first building material company to have its science-based emission reduction targets validated and approved by SBTi. The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets.
“We plan to drive sustainability by investing in continuous process improvement and cleaner energy to reach our targets by 2030,” said Fahd K. Chinoy, CEO at Pakistan Cables. “By setting science-based targets, Pakistan Cables is accelerating its efforts to align with ongoing global efforts to reduce global warming”.
The Company’s science-based emission reduction targets are part of its long-term vision to develop its net zero strategy and is actively working to establish long-term science-based net zero targets that are aligned with SBTi’s net zero criterion.
Earlier in 2021, Pakistan Cables became one of the 26 Pakistani companies and the only building materials company that signed the pledge for Business Ambition 1.5oC ahead of COP26. To date, the Company has planted approximately 50,000 trees at the Pakistan Cables Urban Forest location in Nooriabad factory, which is the country’s first and largest Miyawaki based Urban Forest on an industrial estate.
Furthermore, Pakistan Cables has the 14001:2015 certification, which reinforces the Company’s commitment to ensure its products meet the highest environmental standards and mitigate environmental impacts.
Founded in 1953, Pakistan Cables is the premier and most reputable cable manufacturer in Pakistan. Being the only wire and cable manufacturer listed on the PSX since 1955, it is also a member company of the Amir S. Chinoy group. The Company has the largest geographical footprint in Pakistan with a presence in over 200 cities. It is ISO 9001:2015, ISO 45001:2018, ISO 14001: 2015 certified and various types of cables are tested by KEMA, Netherlands.
The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets. The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World-Wide Fund for Nature (WWF).

Port Qasim Project to Help in Ending Power Crisis

on 10/07/2018

Port Qasim Power Project (PQPP) is one of the early harvest energy projects under CPEC has potential to generate 9 billion kilowatts/hour of electricity annually, effectively mitigating the load-shedding in Pakistan and producing tremendous economic and social benefits.

During the implementation of the project, Power China Resources Ltd. (PCR) has followed the principle of “joint construction through consultation for mutual benefits” by sharing advanced technologies and training local talents, said a statement of Chinese Embassy.

According to the operation plan for localization of Port Qasim Power Project, finally, Pakistan will take over the operation and management of the power plant. PCR takes the training of Pakistani workers as its own responsibility. It has provided opportunities for the workers to get familiar with the production and management and master the core technologies of the power plant as soon as possible, thus, laying a solid foundation for the Pakistani side to take over the production, operation, and management.

Pakistani workers accounting for 60% of the whole staff are the primary workforce at the plant. To meet the needs of the local operation, PCR employed 100 Pakistani college graduates in 2016 and sent them to China for thermal power technology training for free. Now, these workers have taken up key positions and become the main force for power plant operation and maintenance.

Port Qasim coal-fired power plant has provided 2.5 billion kilowatts/hour of energy till May 26 and effectively improved the load shedding in Pakistan. The nature of thermal power plant production requires 24-hour production without interruption.

The power grid has been overloaded in the sustained hot weather since April, which has caused the short supply of power. During Ramadan, Pakistani workers, as the major force for plant operation, worked under the heat together with their Chinese colleagues at the frontline.

Meanwhile, the Ramazan traditions are given special considerations. The Pakistani workers are separated into four groups and work in three shifts every eight hours. Chinese workers have volunteered to lengthen their work time, and working in three groups and in two shifts every twelve hours.

Balance of payments: China moves to rescue Pak

on 28/06/2018

US$1.6 billion credit line to boost depleting forex reserves.

China has given Pakistan a credit line worth $1.6 billion to stave off a balance of payments crisis. It will boost Pakistan’s fast-depleting foreign currency reserves.

The credit facility that accompanies a currency swap agreement between  State Bank of Pakistan (SBP) and China’s central bank has been hiked to 20b yuan ($3.13b) from 10b yuan, reports claim. The arrangement has been finalized.

People’s Bank of China, the country’s central bank, said it had extended a currency swap agreement with the State Bank of Pakistan. The swap is sized at 20 billion yuan (3.1 b US dollars) or 351 billion Pakistani rupees, according to a statement from the bank.

The two parties believe the extension will facilitate bilateral trade and investment to help economic development in the two countries.

Valid for three years, the agreement can be extended upon mutual consent. A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets.

After establishing its first branch in Karachi last November,  Bank of China formally launched a clearing and settlement mechanism of Chinese yuan.

Having received clearance from SBP for denominating foreign-currency transactions, one of the main targets of the Long-Term Plan of CPEC for 2017-30 has been achieved.

Giving Yuan equal status to the US dollar will not only strengthen financial bonds between Pakistan and China but also cut costs and speed up efficiency for yuan transactions and enhance market liquidity. Pakistan central bank believes this arrangement will elevate the trade relationship between Pakistan and China.

Back in 2012, the first currency swap agreement was signed by the SBP with the People’s Bank of China, and this was followed up by allowing banks to give trade loans in Yuan and also accept deposits in the Chinese currency.

Devising a loan mechanism for banks to get yuan financing, the SBP initially allowed ICBC (Industrial and Commercial Bank of China) Pakistan to start offering services in 2015.

Though this was on a relatively small scale, the groundwork had begun to promote bilateral trade and investment in the respective local currencies.

Now People’s Bank of China is the second Chinese bank to enter the Pakistani market, but it is much more significant as it has fourth and fifth global ranking currently in terms of Tier 1 capital and total assets respectively.

Pakistani ports and CPEC

on 08/06/2018

There is a missing link between CPEC and KPT, says KPT chairman

Karachi Port Trust (KPT) Chairman Rear Admiral Jamil Akhtar has said the port has all the potential and infrastructure to supplement CPEC, regretting there is a missing link between CPEC and KPT.

Presently the cargo handling share of the port has declined up to 60 per cent but the overall volume has increased and annually the port handles around 2.1 million containers, he noted. Jamil who was speaking in CPEC Summit in Karachi said that after the establishment of Pakistan Deep Water Container Port, it could handle mother ships which presently go to Sallala and Jabal All from where feeder services come to Pakistan.

`Karachi port is ideal to serve western parts of China and Central Asian countries, he added. However, he regretted that there was a missing link between CPEC and KPT.

Under CPEC, KPT could equally play its due role particularly when Pakistan would become a logistical hub and supply chain for South, Central and Western Asia, Middle East and Western China, he summed up.

Chairman Port Qasim Asad Rafi Chandna said the port being 35km away from downtown is ideally located for quick movement of cargo from and outside the port. It has a strong industrial base and connectivity with major road links to upcountry. `PQA has already started contributing towards CPEC projects as it houses some of the power plants set-up under the mega project and also coal terminal for supply of imported coal to Sahiwal coal run power plant. The port has become energy hub for the country where two LNG terminals are already operating,` he said.

Speaking on the occasion, Chairman China Overseas Port Holding Compnay Gwadar Port Zhang Baozhong said the Gwadar Port has already put logistics in place because transport is available, warehouses and customs have also started functioning. Gwadar is a strategically located port with Suez Canal on one side and Malacca strait on the other, he noted.

The first Free Economic Zone at Gwadar had been developed where more than 40pc of investment is Pakistani. Banks, insurance companies, and leasing firms are working in the zone which enjoys tax exemption, he added.

Ghandhara Industries Ahmed Kuli Khan said the auto industry is ready to face the Belt and Road initiative (B&R), highlighting that the company could double its capacity in a short period. However, Mr Khan was not happy over the State Bank unwritten policy of not allowing banks to Enhance the auto industry.

Pakistan needs to modernize its trucking business and transport industry by introducing auto transmission and higher axle load with higher horse power. He further said CPEC is a big opportunity but only those vehicles be allowed to come from China which are not available in the local market.