A memorandum of understanding (MoU) between Government of Sindh and two Turkish companies Sanko Holding AS and Teyo AS together referred as "ST" (Here & after) was signed here at Chief Minister's House Karachi on Thursday. With a view to kick start investment in energy and coal development, as per decision of Sindh Government to award Thar Coal Blocks to reputable and experienced companies through transparent and competitive process.
The Chief Minister Sindh Syed Qaim Ali Shah, Sindh Minister for Information Sharjeel Memon, Advisor to CM for Finance Syed Murad Ali Shah, Chief Secretary Sindh Sajjad Saleem, Secretary Energy Agha Wasif, Secretary Finance Sohail Rajput and Director General Sindh Board of Investment Muhammad Riazuddin and Abdullkadir Konukoglu President, Zekeriye Konukoglu Vice President of Sanko Holding AS and Ferudun Korkmaz President of TEYO AS from Turkish companies were present on this occasion. Muhammad Riazuddin DG Sindh Board of Investment signed the documents of MoU on behalf of Government of Sindh, while Abdullkadir Konukoglu President and Zekeriye Konukoglu Vice President of Sanko Holding AS and Ferudun Korkmaz President of TEYO AS signed on behalf of their companies. Under this MoU, "ST" Shall participate in Thar Coal Award process and intend to arrange 100% project financing.
"ST" promptly to provide the government of Sindh with such information that may assist the Government of Sindh for application to the authorities to receive land, letter of credit and implementation agreement. "ST" shall ensure to obtain financial close on or before 31-12-2014 and shall make it best efforts to implement the project in Four (04) years. From the date of achieving financial close of the project. However, the engineering and construction work for mining shall start on or before 31-12-2014. Whereas the government of Sindh to facilitate all permits and consents including land acquisition, mining licence for Thar Coal Blocks, implementation agreement of concession from Government, Semi Government and Non Government Organisations. Talking on this occasion, the Chief Minister Sindh Syed Qaim Ali Shah said Sindh province needs to develop energy sector, coal mining and textiles industries for domestic consumption, consequent export and economic well being of people of Sindh.-PR
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