South Korean investors willing to invest $60m for producing energy from waste

Lahore: South Korean investors want to invest 60 million dollars in Punjab to produce energy from waste. A high level Korean delegation, led by Ko Moon Seok, Chairman of Heritage International, Chang Hyo Soon, vice chairman of Heritage International, and Kim WonTaek from K-biz International visited PBIT to discuss investment opportunities.

The visiting delegates told that their independent and successful company transforms 100 tons of waste into more than 50% energy resource (i.e. diesel), in Korea. The Korean delegation showed keen interest in plant establishment in Pakistan. Korean company can produce diesel from waste e.g. tires, animal waste, plastics, trees, drain sludge, rubber, food waste etc. The diesel produced by the unit can be used right away.

The Korean investors told that they are very keen in international expansion. They are in a process to establish their plants in Germany, Canada and Saudi Arabia while they want to invest 60 million dollars for the plant establishment in Punjab.

The Korean company will need 7 hectors of land while the establishment of this plant will take 6 months to one a year. The biggest unit requires 100 people for its working whereas the smallest unit needs 10.

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CEO PBIT asked them to plan a visit again with a structured plan and solid final proposal so that next steps can be taken for the setup. Meetings with Lahore Waste Management can be arranged to help you out with your plant setup, he added. He said Pakistan is a free market and it has huge output, e.g. 10,000-ton garbage per day. He suggested that vocational centers should be built too for this purpose.

A letter for expression of interest is required for further processing. He assured that PBIT is ready to facilitate them with the acquiring of land as well as setting up the plant with the help of concerned departments. The off take of government for diesel will be figured out too. PBIT will sign an agreement as well.

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