Karachi, July 31, 2013: Board of Directors of Sindh Engro Coal Mining Co (A Joint Venture between Government of Sindh and Engro Corporation) met under the Chairmanship of Mr. Zubair A. Motiwala to discuss quarterly performance of the company and other matters.

Board was informed that by adapting a phased approach, the Company plans to build a 600 MW Power Plant in 3.5 years and expanding it to 1200 MW, yielding a power tariff of approximately 8 US cents / kWh. At ultimate capacity of a single mine, SECMC will be able to produce 3600 MW in less than 10 years at a power tariff below 6 US cents /kWh – cheaper than any other conventional fuel including hydro-based power. Board was further informed that SECMC has mobilized its site team and completed the demarcation and survey work for acquiring the required land to start mining works. Company has met several international and local financial institutions and investors who have expressed a strong interest in financing the project. The board members appreciated the efforts of the Company to move the project in the right direction.

Chairman advised the Company Management to complete all the formalities including Coal and Power Tariff approvals and expedite their efforts on achieving financial close enabling start of mine construction within foreseeable future.

Board expressed its satisfaction and appreciated the role of Government of Sindh on the progress made on all the Infrastructure projects including Road network rehabilitation, Effluent Disposal Scheme, Fresh Water Supply Scheme and Construction of Islamkot Airport.

Mr. Motiwala said that Thar Coal Project is the key to Pakistan’s Energy security and it would require continuous efforts both at Federal and Provincial levels to undertake this mega project. Thar is the only choice for the Country to cater its energy needs on a long term and affordable basis.