New CPEC projects to be launched

New CPEC projects to be launched

ISLAMABAD: Five new projects, in addition to 30 infrastructure and energy projects, being completed by the Chinese companies in Pakistan, would be launched under the China-Pakistan Economic Corridor (CPEC) framework this year, said Deputy Chief of Mission at Chinese Embassy in Islamabad Zhao Lijian.

“Eight coal, solar, wind and hydro-power energy projects are also under construction to meet the energy requirement of the country,” he said.

Chinese companies are also implementing two mega projects including Thakot-Havelian section of Karakoram Highway (KKH) and Sukkur-Multan section of the Lahore-Karachi motorway at a cost of $3 billion, said Zhao.

The official said that prior to the signing of CPEC, China was at number 16 in terms of Foreign Direct Investment (FDI) in Pakistan. However, now it is the largest investor in Pakistan.

Separately, Pakistan is working on a plan to lay an oil pipeline from Gwadar to China for the export of crude and has given the task to state construction firm Frontier Works Organisation, say officials who are aware of the development.

The pipeline will run from Gwadar Port to western China and will allow Beijing to diversify and speed up import of crude oil. Prime Minister Nawaz Sharif had floated the idea of constructing the oil pipeline during a visit to China.


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