The agreement between the Pakistan Atomic Energy Commission and China National Nuclear Cooperation was signed on Tuesday under the direction of the prime minister.
China and Pakistan have agreed to spend $4.8 billion on the construction of Pakistan’s seventh nuclear power plant. In the city of Chashma in central Pakistan, the 1,200 megawatt Chashma 5 power plant will be built.
The agreement between the Pakistan Atomic Energy Commission and China National Nuclear Cooperation was signed on Tuesday under the direction of the prime minister.
The nuclear power plant will be built using the Chinese company’s HPR 1000 technology, also known as Hualong One or HPR 1000, in accordance with the agreement. It will be Pakistan’s third facility to use the pressurised water reactor technology, or HPR 1000.
“China’s $4.8 billion investment in this project sends a loud and clear message that Pakistan is a place where Chinese businesses and investors continue to demonstrate their faith in,” Sharif said.
He thanked Beijing for providing a more than $100 million discount for the power plant known as Chashma 5. The project’s work was originally scheduled to begin a few years ago, but the PM claimed that despite the lengthy delay, the Chinese partners had not rescheduled costs.
After the ceremony, the Pakistani prime minister posted on Twitter, “This project is part of our energy security plan to diversify the energy mix with a focus on ensuring the provision of cheap electricity to the industry & relief to the common man.”
The coalition government of the PM is having a difficult time handling Pakistan’s unanticipated economic problems, which include a balance of payments crisis.
In the southern port city of Karachi, China has also recently built two nuclear power plants, each with a 1,100 megawatt generation capacity.
The two third-generation Hualong One reactors, known as K2 and K3, were supplied by China, according to Pakistani officials, and they cost about $10 billion. Pakistan’s nuclear energy output has increased to more than 3,500 megawatts thanks to their “advanced safety and foolproof security features.”
“2,200 megawatts of electricity are supplied to the national grid by fully operational K2 and K3. Similarly, more than 1,300 megawatts are provided by the nuclear power plants at Chashma “A spokesman for PAEC told VOA on Tuesday.
In 1972, Canada assisted Pakistan in constructing Karachi’s first nuclear power plant, which generated about 80 megawatts of electricity. It is expected to be shut down soon after having served its purpose for about the full extent of the planned operation.
China continues to have close defence and economic ties with Pakistan, a steadfast ally. Over the last ten years, it has invested more than $20 billion in the construction of ports, power plants, and road networks as part of the China-Pakistan Economic Corridor, or CPEC.
Officials from both nations claim that the partnership, which is a continuation of Beijing’s global Belt and Road infrastructure initiative, has ended Pakistan’s crippling energy crisis and generated tens of thousands of jobs.