Mianwali, July 14, 2023 – Prime Minister Shehbaz Sharif led the groundbreaking ceremony for the Chashma Nuclear Power Plant Unit-5 (C-5), a 1200 MW project estimated to cost around $3.48 billion.
The ceremony, held in Mianwali, signifies a significant milestone in the collaboration between China and Pakistan and aims to provide the country with clean, efficient, and cost-effective energy sources.
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The project, expected to be completed in seven to eight years, received a boost on June 30, 2023, when Prime Minister Shehbaz Sharif witnessed the signing of a Memorandum of Understanding (MoU) between China National Nuclear Corporation Overseas Ltd (CNOS) and Pakistan Atomic Energy Commission (PAEC) for the C-5 project.
Addressing the audience at the groundbreaking ceremony, Prime Minister Shehbaz Sharif emphasized the importance of meeting the country’s energy needs with clean and affordable sources. He urged the project’s timely completion, reflecting the government’s commitment to providing sustainable and cost-effective energy solutions to the people of Pakistan.
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Highlighting the significance of the project, Shehbaz Sharif commended the cooperation between China and Pakistan, describing it as a symbol of strong friendship. He also emphasized the revival of the China Pakistan Economic Corridor (CPEC), stating that it was back on track and progressing at full speed. The Prime Minister credited the coalition government and the SPD for their dedicated efforts in finalizing the agreement for the C-5 project.
Prime Minister Shehbaz Sharif addressed concerns regarding potential default on sovereign commitments, assuring the nation that the risk had been effectively averted through the combined efforts of the government. He announced that the International Monetary Fund (IMF) program had been approved, leading to swift financial support from brotherly countries such as Saudi Arabia and the UAE, along with additional assistance from the IMF.
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Expressing his gratitude, Shehbaz Sharif thanked Chinese President XI Jinping, Saudi Crown Prince Mohammad bin Salman, and UAE President Mohamed bin Zayed Al Nahyan for their support during challenging times. He further highlighted the Chinese company’s adherence to the agreed-upon project cost from 2017-18, without factoring in the average inflation of approximately 10%. Moreover, he mentioned a discount of Rs 30 billion provided to Pakistan, demonstrating the sincerity and commitment between the two nations.
Pang Chunxue, Charge D’affaires of the Chinese embassy in Pakistan, expressed optimism about the C-5 project. He stated that it would contribute to Pakistan’s development by providing low carbon, clean, and affordable energy. Additionally, the project is expected to create employment opportunities and promote local industry participation.
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Chairman of China National Nuclear Cooperation, Yu Jianfeng, highlighted the deepening cooperation between Pakistan and China in the field of nuclear energy, considering it an integral part of their strategic partnership. He emphasized that the C-5 project represents a significant milestone in the global journey of Hualong One (HPR 1000), China’s third-generation nuclear power brand with exclusive intellectual property rights.
The groundbreaking ceremony was attended by Planning Minister Ahsan Iqbal, Energy Minister Khurram Dastgir Khan, and Chairman PAEC Dr Raja Ali Raza, among other dignitaries.
The Chashma Nuclear Power Plant Unit-5, once completed, will not only provide a significant boost to Pakistan’s energy sector but also strengthen the bond of friendship and cooperation between China and Pakistan.
