Monday, March 4, 2024
Monday, March 4, 2024
HomeTop NewsPM Shehbaz Inaugurates Construction of 1200MW Chashma-5 Nuclear Power Plant in Mianwali

PM Shehbaz Inaugurates Construction of 1200MW Chashma-5 Nuclear Power Plant in Mianwali

  • PM Shehbaz Sharif breaks ground on 1200MW Chashma-5 nuclear power plant in Mianwali, marking a significant milestone.
  • Pakistan and China sign MoU to construct 1,200 MW Chashma-5 nuclear power project, strengthening bilateral cooperation.
  • PM Shehbaz hails Chashma-5 project as a remarkable symbol of friendship and success between Pakistan and China.

Prime Minister Shehbaz Sharif recently inaugurated the groundbreaking ceremony for the Chashma-5 nuclear power plant, a project with a capacity of 1200 megawatts (MW) located in Mianwali, Pakistan.

Memorandum of Understanding (MoU) Between Pakistan and China

Last month, Pakistan and China signed a memorandum of understanding (MoU) to collaborate on the construction of the Chashma-5 (C-5) nuclear power project, which will generate 1200 MW of clean and efficient energy.

Cooperation Between Pakistan and China

In his address at the ceremony, Prime Minister Shehbaz emphasized the significance of the Chashma-5 nuclear energy project as a milestone and a symbol of cooperation between the two countries. He referred to this cooperation as a gift of friendship and a model for other nations to follow.

Addressing Detractors and Ensuring Financial Stability

Prime Minister Shehbaz criticized those who spread rumors about Pakistan’s economic stability and potential default. He affirmed that the risk of default has been averted through the united efforts of the Pakistani government and its institutions. He mentioned the approval of the IMF program by the board and the inflow of $4.2 billion into the State Bank of Pakistan, including funds from the IMF and brotherly countries like Saudi Arabia and the UAE.

Gratitude to China’s Support

Shehbaz expressed gratitude to China for its longstanding support and highlighted the crucial role played by China in Pakistan’s economic stability. He mentioned that the Chinese government and commercial banks have rolled over more than $5 billion to Pakistan in the past four months.

The Prime Minister thanked the Chinese government and companies for not increasing prices based on 2017-18 and for providing a discount of Rs30 million at his request. He explained that these negotiations were part of a deal between two companies and two friendly countries, emphasizing the importance of transparency, sincerity, and understanding between the parties involved.

Project Completion and Benefits

Shehbaz expressed hope that the companies involved would work together to complete the Chashma-5 nuclear power plant project sooner than the projected timeline of seven to eight years. He stressed the significance of the project for the people of Pakistan, particularly for the industrial and agricultural sectors, which require cheaper and more efficient energy sources.

Read more: Pakistan sells embassy property in Washington for $7.1million

The Pakistan Atomic Energy Commission (PAEC) currently operates four nuclear power units near Chashma in Mianwali district. Units C-1 and C-2, with a capacity of 325MW each, started operations in 2000 and 2011, respectively. Units C-3 and C-4, each with a capacity of 340MW, became operational in 2016 and 2017. Additionally, the PAEC established Units K-2 and K-3 at the Karachi Nuclear Power Plant, with a capacity of 1100MW each. K-2 and K-3 began generating electricity in 2021 and 2022, respectively. The combined installed capacity of these six nuclear plants is 3530MW, accounting for 8.1% of Pakistan’s total power-generating capacity.

The construction of the Chashma-5 nuclear power plant is expected to provide significant benefits to Pakistan, meeting the increasing energy demands of various sectors. The project’s completion, though projected to take seven to eight years, holds the potential to positively impact the country’s economy and ensure a more reliable and sustainable energy supply.

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