HONG KONG May 30 Chinese oil and gas company
United Energy Group Ltd said on Wednesday it plans to
invest $3 billion in a wind farm project in energy-starved
Pakistan and is in talks to buy equipment from mainland
United Energy, which paid BP $775 million for oil and
gas assets in Pakistan in 2010, said it plans to construct the
wind farm in several phases. It did not disclose the targeted
total capacity for the project or provide a timeframe.
The company said, however, it had already obtained approval
from the Pakistan government to construct a wind power project
with a capacity of 500 megawatts.
Pakistan, which suffers chronic shortages of electricity, is
offering clean energy producers higher rates for renewable power
as it seeks to boost production, while diversifying energy
supply away from oil and gas.
The major suppliers of wind power equipment in China are
Sinovel and Xinjiang Goldwind Science and Technology
Shares of United Energy closed flat in Hong Kong on
Wednesday, against a 1.9 percent drop in the benchmark Hang Seng