MIANWALI: Prime Minister Shehbaz Sharif broke ground on 1,200 MW Chashma Nuclear Power Plant Unit 5 (C-5) here which is likely to be completed in seven to eight years at cost of around $ 3.48 billion.

On June 30, 2023 Prime Minister witnessed signing of Memorandum of Understanding on C-5 project between China National Nuclear Corporation Overseas Ltd (CNOS) and Pakistan Atomic Energy Commission (PAEC).

Addressing ground breaking ceremony at Chashma, he said keeping in mind country's requirements of clean and cheap energy sources, project should be completed before given schedule.

Terming it huge milestone and symbol of cooperation between two great friends China and Pakistan, Shehbaz Sharif said project would help country promoting clean, efficient and comparatively cheaper energy. He said after pause of many years, China Pakistan Economic Corridor was going again in full swing. He gave credit of concluding agreement of C-5 to coalition government and SPD for their hard efforts. "Our detractors had been fabricating rumours all around that Pakistan was going to default on its sovereign commitments but we crossed all turbulent waters in just 15 months," he added.

However, he said risk of potential default had been completely averted through team effort of government. He said couple of days ago, there was an approval of International Monetary Fund programme and within 48 hours around $ 4.5 billion were transferred by Pakistan's brotherly countries Saudi Arabia and UAE besides another $ 1.2 billion from IMF.

About 4 months ago, he said Chinese government and commercial banks rolled over amounts back to Pakistan to tune of $ 5 billion. He paid his tributes to Chinese President XI Jinping, Saudi Crown Prince Mohammad bin Salman and UAE President Mohamed bin Zayed Al Nahyan for their support in need of hour.

He informed that as result of serious efforts by coalition government and himself, Chinese company kept cost of project at level agreed upon in 2017-18 by then PML-N government and not include average inflation of around 10 percent in project cost.

Further, he said on his request, discount of Rs 30 billion was also given to Pakistan which reflected sense of sincerity between two countries.

Charge D'affaires of Chinese Embassy in Pakistan Pang Chunxue said C5 would help Pakistan building low carbon, clean and cheap energy which would also produce local jobs and would engage local industries to contribute in project. Chairman of China National Nuclear Cooperation Yu Jianfeng said cooperation between Pakistan and China in nuclear energy had become an integral part of all-weather strategic cooperative partnership.

He said C5 project was significant milestone in HPR 1000 development global journey. Hualong One (HPR 1000) is 3rd-generation nuclear power brand to which China has exclusive intellectual property rights. Planning Minister Ahsan Iqbal, Energy Minister Khurram Dastgir Khan and Chairman PAEC Dr Raja Ali Raza were present.