Malaysian firm signs accord with Laraib Energy

Posted on June 16, 2011. Filed under: Hydal |

ISLAMABAD, June 15: TNB Remaco of Malaysia has entered into an agreement with Laraib Energy to provide services worth $14.1million for operation and maintenance of 84MW New Bong Escape Hydroelectric Power Complex on River Jhelum.

The services for $235 million power project in Azad Kashmir will be provided for an initial period of five years, with an option of extending it for another seven years.

The 15-month mobilisation period for the project is likely to commence in August this year.

The agreement was signed on Wednesday in Kuala Lumpur, and was supervised by the Pakistan High Commissioner Masood Khalid, says a message received here.

Under the project, TNB Remaco will extend technical personnel and skilled expertise to perform daily operations as well as routine maintenance of the complex.

The new agreement is the second major collaboration between TNB Remaco and HUB Power Company, a key shareholder of Laraib Energy, following a similar agreement signed earlier.

High Commissioner Masood Khalid said that Malaysian investors and businessmen have vast opportunities for investment in Pakistan’s energy sector given a massive gap between demand and supply with power shortage reaching 7000MW at peak hours in the current summer.

President of TNB Remaco, Datuk Seri Che Khalib Mohamad Noh said that the agreement would further augment TNB Remaco’s reputation as a one-stop service provider for power-related works.

Laraib Energy’s chairman and Hub Power’s CEO Vince Harris said his company had so far invested $235million on the hydroelectric power plant in Azad Kashmir and it was well advanced in commercialisation.

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