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ISLAMABAD: The Chief Executive Officer (CEO) Neelum Jehlum Hydro Electric Project retired Lieutenant General Zubair has warned that Pakistan may lose13 per cent water worth $141 million on Neelum Jehlum, if India succeeds in building Kishanganga dam.
He was giving briefing to the National Assembly Standing Committee on Economic Affairs Division (EAD) which met under the Chairmanship of Pirzada Imran Ahmed Shah here on Friday.
He informed the committee that India was constructing 14 dams which will have bad affects on Pakistan and through which India can also control Mangla Dam water.
The CEO demanded that committee should cooperate with them to get release their outstanding Rs.83 billion from Pakistan Electric Power Company (PEPCO) and if Rs.2 billion of the outstanding dues being released on monthly bases then Neelum Jhelum Hydro Electric Project could be run successfully without any delay. On this, the committee recommended to the finance ministry that Rs.2 billion should be released to the project on monthly basis in order to timely complete the project.
He informed the committee that out of 180 kilometer area, Turbine Boring Machines (TBM) have been deployed on an area of 170 kilometer on which work would be started from October 16 next month.
Neelum Jehlum Hydro Electric Project has not been able to open Letter of Credit (LC) worth $113 million for Islamic Development Bank (IDB) financed equipment and this issue has also been taken up with Neelum Jehlum Hydro Company, he said, adding that loan agreement of $100 million with Abu Dhabi Fund is pending because fund has linked this to the issue of payments to Eitsalat in PTCL privatization process. He further informed the committee that loan agreement of $448 million with Exim Bank China was pending as China State Council is yet to approve it.
The revised total cost of the Neelum Jhelum project without interest during construction is $2583.43million and the total financing from local source and total requirement from local source is $1291.71million each, the retired general added.
He informed the committee that the surplus deficit of Rs.90 billion of the Neelum Jhelum Project will be met through 50 per cent governments share and the remaining 50 per cent would be met with foreign loans share.
He added that feasibility in detailed engineering design was completed in 1997 as per seismic parameters established before earthquake 2005 and after earthquake revised PC-1 of the project escalated to Rs.274.882billion recommended by Central Development Working Party (CDWP) for Executive Committee for National Economic Council (ECNEC) approval on 18th June, 2012 whereas the original PC-1 was approved in 2002 for an amount of Rs. 84.502billion.
ONLINE - International News Network
He was giving briefing to the National Assembly Standing Committee on Economic Affairs Division (EAD) which met under the Chairmanship of Pirzada Imran Ahmed Shah here on Friday.
He informed the committee that India was constructing 14 dams which will have bad affects on Pakistan and through which India can also control Mangla Dam water.
The CEO demanded that committee should cooperate with them to get release their outstanding Rs.83 billion from Pakistan Electric Power Company (PEPCO) and if Rs.2 billion of the outstanding dues being released on monthly bases then Neelum Jhelum Hydro Electric Project could be run successfully without any delay. On this, the committee recommended to the finance ministry that Rs.2 billion should be released to the project on monthly basis in order to timely complete the project.
He informed the committee that out of 180 kilometer area, Turbine Boring Machines (TBM) have been deployed on an area of 170 kilometer on which work would be started from October 16 next month.
Neelum Jehlum Hydro Electric Project has not been able to open Letter of Credit (LC) worth $113 million for Islamic Development Bank (IDB) financed equipment and this issue has also been taken up with Neelum Jehlum Hydro Company, he said, adding that loan agreement of $100 million with Abu Dhabi Fund is pending because fund has linked this to the issue of payments to Eitsalat in PTCL privatization process. He further informed the committee that loan agreement of $448 million with Exim Bank China was pending as China State Council is yet to approve it.
The revised total cost of the Neelum Jhelum project without interest during construction is $2583.43million and the total financing from local source and total requirement from local source is $1291.71million each, the retired general added.
He informed the committee that the surplus deficit of Rs.90 billion of the Neelum Jhelum Project will be met through 50 per cent governments share and the remaining 50 per cent would be met with foreign loans share.
He added that feasibility in detailed engineering design was completed in 1997 as per seismic parameters established before earthquake 2005 and after earthquake revised PC-1 of the project escalated to Rs.274.882billion recommended by Central Development Working Party (CDWP) for Executive Committee for National Economic Council (ECNEC) approval on 18th June, 2012 whereas the original PC-1 was approved in 2002 for an amount of Rs. 84.502billion.
ONLINE - International News Network
