Summary of Proposed Investment
Project Number
4998
Company Name
GUL AHMED ENERGY LIMITED
Date SPI Disclosed
May 10, 1995
Country
Pakistan
Industry
Infrastructure
Status
Completed
Sector
Heavy Fuel Oil - Thermal Power Generation
Department
Gbl Infrastructure & Natural Resources
Environmental Category
B - Limited
Previous Events
Approved : Jul 10, 1995
Signed : Jul 24, 1995
Invested : Oct 8, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Pakistan-Gul Ahmed Energy Limited |
| Region | Central Asia, Middle East and North Africa |
| Sector |
Projected Board DateJune 16, 1995
Company NameGul Ahmed Energy Limited
Major Shareholders Gul Ahmed Group (Pakistan) and Tomen Corporation (Japan)
Project Cost Including proposed IFC
InvestmentUS$138 million. IFC’s investment would comprise about US$4.1 million in equity, US$27 million in “A” Loan and US$35 million in “B” Loan
Location of Project and Description of site
Korangi Industrial Estate in Karachi. Project will be built on a 30 acre site adjacent to an existing power station owned and operated by the Government-owned Karachi Electric Supply Corporation.
Description of Company and Purpose of Project
The Company will be a public limited company formed to build, own and operate a diesel power plant based on heavy fuel oil. It will supply power to Karachi Electric Supply Corporation, which supplies and distributes power in the Karachi area, under a 22-year Power Purchase Agreement. The project is approved by the Government of Pakistan under a recent policy designed to attract private sector investment in power generation to meet pressing power shortages in the country.
Environmental Category and Issues
This is a category B project according to IFC’s environment review procedure. Environment issues of potential concern are the site selection process, social impacts, air quality impacts, waste management, spill prevention and occupational health and safety. The sponsor has prepared an environmental analysis that addresses these issues and demonstrates that the project will comply with Government of Pakistan and World Bank environmental requirements. The project will meet World Bank guidelines
-2-
for ambient air quality and stack emissions; waste management measures, occupational health and safety measures, and spill prevention and containment procedures are proposed as part of the project’s environmental mitigation commitments.
The for this project is May 30, 1995 from the Public Information Center.
| Host country location of environmental documents | N/A |
| Date SPI sent to PIC | May 10, 1995 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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