Posted on 10 Aug 2021
China's Fuzhou Julitaihe International Company-owned Century Steel will invest $50 million to set up a 250,000 tonnes/year capacity steel plant in the Rashakai Special Economic Zone (SEZ) in Pakistan.
The project is expected to consume 45MW of electricity and employ 1,000 workers directly and indirectly. The SEZ committee has allocated 40 acres to Century Steel Ltd, Kallanish notes.
The Rashakai SEZ is the first joint industrial project between China and Pakistan under the China Pakistan Economic Corridor (CPEC) scheme.
Fuzhou Julitaihe International Company owns steel mills in Indonesia, Myanmar, Cambodia, and Ethiopia, with a combined capacity of 3 million t/y of iron and steel products.
“The Chinese company has mobilised its engineers and personnel who have started setting up a site office to execute the plant establishment expeditiously,” says the Rashakai SEZ board of investment. “10MW of electricity at the economic zone had already been arranged through an 11 kilovolt feeder, while work was in progress on the 160MW, 132 kilovolt grid station.”
“Due to its location on the motorway and proximity to the Torkham border and Central Asia, the Rashakai SEZ is expected to be the game-changer for Khyber Pakhtunkhwa,” it adds.
CPEC is a bilateral project to improve infrastructure within Pakistan for better trade with China and to further integrate the countries of the region.
Source:Kallanish
