Russia to invest $5.5b in Thar Coal

 

Islamabad—The Chairman BOI, Saleem H. Mandviwalla called on the President, Asif Ali Zardari, along with a Russian investor, Kirsan Ilyumzhinov, owner of Credit Mediteranee. He is currently visiting Pakistan to explore investment opportunities in the energy sector. Kirsan has showed interest in investing a total of 5-5.5 billion US dollars in the Thar coal fields.

Further, being the President of World Chess Federation, he requested the President to include chess as a part of school curriculum, for which he would also donate books and equipment too. He also desired to organize a world chess championship in Karachi in Nov 2012. He also mentioned his plan about starting a chess academy in Karachi- Pakistan.

MOS/Chairman BOI, informed Kirsan that Pakistan offers lucrative investment opportunities and certain incentives have been allowed in the Thar Coal by the government. This includes 20% IRR to the firms, 30 years exemption on corporate tax, all customs duties on coal mining projects at 0%, exemption for 30 years on withholding tax on procurement of goods and services during project construction etc.

The Chairman also told that the government of Pakistan is strongly committed to restoring the macroeconomic stability as well was the confidence of investors by evolving a comprehensive and integrated strategy program to increase productivity and high growth rates.

Meanwhile the President also appreciated the Russian investor and welcomed him to invest in Pakistan’s energy sector.

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