Skip to content 
Search

Latest Stories

China to build £1.2 billion power line across Pakistan

China’s State Grid Corporation is set to build a $1.5-billion (£1.22bn) power line across Pakistan to enable the transmission of 4,000 megawatts of electricity from the country’s north to south, the government said on Friday (December 30).

Pakistani and Chinese officials signed an investment agreement in Beijing the previous day to build the country’s first high-voltage, direct current (HVDC) line, according to a government statement. It was inked by Mohammad Younus Dagha, Pakistan’s secretary of water and power, and Shu Yinbiao, chairman of State Grid Corporation of China.


The high-capacity transmission line will be a key component in transmission infrastructure, the Pakistani government said. It will link the national grid between the southern town of Matiari, near a new power station, to Lahore city in the east some 1,000 kilometres (620 miles) apart.

Construction will begin later this month, and should take about 20 months, said a spokesman for the Pakistani prime minister’s office.

The project is the latest in a series of big Chinese investments, most of which fall under a planned $55 billion worth of projects for a China Pakistan Economic Corridor (CPEC).

The country has been struggling to provide enough power to its nearly 200 million citizens for years with widespread rolling blackouts in both rural and urban areas, and prime minister Nawaz Sharif has vowed to solve the crisis by 2018.

The government has managed to reduce load shedding – scheduled power outages – in some areas, but production gaps and distribution woes remain.

Sharif inaugurated Pakistan’s fourth nuclear power plant last week, a joint collaboration with China that adds 340 megawatts to the national grid as part of the government’s efforts to end a growth-sapping energy deficit.

The energy sector has traditionally struggled to cover the cost of producing electricity, leading the government to divert $2 billion annually as a subsidy, according to a recent report commissioned by the British government.

China is ramping up investment in its south Asian neighbour as part of a $46-billion project unveiled last year that will link its far-western Xinjiang region to Pakistan’s Gwadar port with a series of infrastructure, power and transport upgrades.

Last week, Pakistan’s main bourse announced that a Chinese consortium was set to acquire a 40 per cent stake in the stock exchange in a deal estimated at $84 million.

Shanghai Electric announced in August it would buy a majority stake in the utility that supplies energy to Karachi for $1.7 billion, in the country’s biggest ever private-sector acquisition.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less