Koreans want $60 million investment to set up power plant that will convert waste products into diesel
South Korean investors have offered $60 million investment for fuel production in Punjab to produce energy from waste. Koreans are interested in setting up a waste management plant that will convert waste products into diesel.
The proposal was put forward by 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 who visited Board of Investment and Trade Punjab to discuss investment opportunities.
The delegates said that their independent and successful company transformed 100 tonne waste into more than 50 percent energy resource (i.e. diesel), in Korea. The Korean delegation showed keen interest in establishment of a plant in Pakistan.
The 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 said that they were 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 dollar on setting up a plant in Punjab.
“The biggest unit requires 100 people for its working whereas the smallest unit needs 10 workers,” the delegates noted, while highlighting the expected job creation by the plant.
The Korean company will need seven hectors of land while the establishment of the plant will take six months to one a year.
Chief Executive Officer, Board of Investment and Trade Jahanzeb Burana asked the potential investors to provide a solid proposal, while offering coordination with the Lahore Waste Management Authority to better structure their plan for Punjab.
He assured the investors of PBIT’s support in the endeavour, adding his organisation would facilitate the acquisition of land and obtaining clearance from the government departments concerned.