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KCCI seeks power supply to TSML at Rs123 per MMBTU

KCCI seeks power supply to TSML at Rs123 per MMBTU

KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) has warned that the closure of a steel plant of Tuwairqi Steel Mills Limited (TSML) with significant foreign investment will cause further decrease in FDI and may negatively impact the foreign and local investment.

In a communiqué addressed to the Federal Ministry for Finance, KCCI President Iftikhar Ahmad Vohra appealed to Federal Minister Ishaq Dar to take up the issue of gas supply to Tuwairqi Steel Mills Limited (TSML) at concessional rates in the upcoming ECC meeting.

Mr Vohra said that a TSML delegation had sought KCCI’s assistance in restoring gas supply to the steel manufacturing plant of TSML based in Sindh at the concessional rate of Rs.123 per MMBTU, as committed by the Government of Pakistan at the time of MoU signing.

The team informed that the project of TSML is a joint-venture of Al-Tuwairqi Holding of Saudi Arabia and POSCO of South Korea which is being set up at Port Qasim Karachi and on completion of its integration, this project would be the largest steel complex in Pakistan.