STAFF REPORT KHI: K-Electric (KE) has signed an agreement with China Machinery Engineering (CMEC) to set up a 700MW coal-fired power project in Pakistan.Apart from the two firms, China Datang Overseas Investment Company (CDTO) is also part of the joint development agreement, which is aimed at constructing a $1 billion power plant at Port Qasim. KE intends to boost its generation capacity with the project.”This initiative is in line with KEs vision of Karachi being a net exporter of power in the years ahead,” said KE CEO Tayyab Tareen adding this initiative is in line with KEs vision of Karachi being a net exporter of power in the years ahead.He also said that this project will also contribute to KEs fuel diversification strategy, and marks a significant step towards a new era of cheap base load power in Pakistan.In his remarks, CDTO President Duan Zhongmin said that they are fully committed to cooperate with KE and CMEC to successfully execute this Port Qasim project, which shall go a long way to meet the energy needs of the people of Pakistan.