HUBCO to set its footprints in the waste management sector

MG News | February 14, 2020 at 10:42 AM GMT+05:00

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February 14, 2020 (MLN): The Chief Executive Officer of Hub Power Company Limited (HUBCO), Khalid Mansoor, in an interview given to Bloomberg, has shed light on the company’s plans to build a reverse osmosis plant and two waste water treatment projects in Karachi.

According to the details of the interview published by Bloomberg, the project will largely focus on recycling as much as 50 million gallons of water a day, that too at an industrial area of the city.

To propel the project forward, the Company has submitted draft proposals to the Sindh Government, and the subsequent bidding for the project is likely to commence soon.

Providing some details on the status of these two projects, the CEO informed that the proposal for water treatment plant is currently under review, whereas the Reverse Osmosis plant pre-qualification is under process and will shortly qualify for bidding.

The CEO further revealed that the company is in the running for the acquisition of existing wind power plants.

On a separate note, the CEO informed that the Company has signed a Memorandum of Understanding (MoU) with another industry giant, K-Electric, for the provision and supply of power created through conversion of two fuel oil units into coal.

Currently being reviewed by the National Electric Power Regulatory Authority (NEPRA), the project may take up to 18 months before it sees the light of the day.

It has been reported that the conversion cost of this project may amount to a minimum of $100 million, and a maximum of $150 million, and will reportedly help in reducing the fuel cost by almost a quarter.

It may be noted here that the Company, in its Annual Reports for the year 2019, had already inculcated the financial projections and impact pertaining to these projects.

Earlier in January, the Pakistan Stock Exchange has announced the listing of Privately Placed, Rated and Secured Sukuk Certificate of PKR 7,000 Million (inclusive of a green shoe option of PKR 2,000 million) of the Company.

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