GUL AHMED ENERGY LIMITED

completed

Summary Of Project Information (SPI)Project NamePakistan-Gul Ahmed Energy LimitedRegionCentral Asia, Middle East and North AfricaSectorProject No.004998Projected Board DateJune 16, 1995Company NameGul Ahmed Energy LimitedMajor Shareholders Gul Ahmed Group (Pakistan) and Tomen Corporation (Japan) Project Cost Including proposed IFCInvestmentUS$138 million. IFC’s investment would comprise about US$4.1 million in equity, US$27 million in “A” Loan and US$35 million in “B” Loan Location of Project and Description of site Korangi Industrial Estate in Karachi. Project will be built on a 30 acre site adjacent to an existing power station owned and operated by the Government-owned Karachi Electric Supply Corporation.Description of Company and Purpose of Project The Company will be a public limited company formed to build, own and operate a diesel power plant based on heavy fuel oil. It will supply power to Karachi Electric Supply Corporation, which supplies and distributes power in the Karachi area, under a 22-year Power Purchase Agreement. The project is approved by the Government of Pakistan under a recent policy designed to attract private sector investment in power generation to meet pressing power shortages in the country. Environmental Category and Issues This is a category B project according to IFC’s environment review procedure. Environment issues of potential concern are the site selection process, social impacts, air quality impacts, waste management, spill prevention and occupational health and safety. The sponsor has prepared an environmental analysis that addresses these issues and demonstrates that the project will comply with Government of Pakistan and World Bank environmental requirements. The project will meet World Bank guidelines-2-for ambient air quality and stack emissions; waste management measures, occupational health and safety measures, and spill prevention and containment procedures are proposed as part of the project’s environmental mitigation commitments.The for this project is May 30, 1995 from the Public Information Center.Host country location of environmental documentsN/ADate SPI sent to PIC May 10, 1995For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).