Hydropower project of CPEC starts reservoir impoundment in east Pakistan

78

Karot, Nov 20 | The Karot Hydropower Project, a major pilot project under the China-Pakistan Economic Corridor (CPEC), successfully closed the gates of the diversion tunnels on Saturday, starting reservoir impoundment.

Invested by the China Three Gorges Corporation (CTG) with a total of about 1.74 billion US dollars, the Karot hydropower project in Pakistan’s eastern Punjab province is the fourth level of the five cascade hydropower stations planned for the Jhelum River.

The beginning of the reservoir impoundment of the first CPEC hydropower investment project is a milestone and will pave the way for the wet testing of the generator units, Wang Yi, Karot hydropower project team leader at the site of the CTG, told Xinhua news agency.

Since the groundbreaking of the project in April, 2015, the Chinese and Pakistani engineers and workers at the project have jointly overcome different challenges including the Covid-19 pandemic, thus a series of achievements have been made such as the river closure and lifting of the first rotor, Wang said.

To date, around 95 per cent of the project has been completed and the four units of the station are expected to generate electricity in the first half of 2022, Wang added.

In a conversation with Xinhua, Rashid Awan, a Pakistani civil engineer working on the hydropower project, said that the start of reservoir impoundment is hard-earned fruit by the mutual support between the Pakistani and Chinese workers.

The forthcoming commercial operation of the hydropower station project, which provided over 4,000 jobs for the locals during the peak time of its construction, will further address the electricity shortage issue in Pakistan with cheap and clean energy and improve the energy structure of the country.

The 720-megawatt Karot hydropower project is expected to annually generate some 3.2 billion kilowatt-hours of clean electricity once put into operation, reducing 3.5 million tons of carbon dioxide emissions per year.

Source: IANS

Next Story

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

LEAVE A REPLY

Please enter your comment!
Please enter your name here