Connect with us

Economy

IBN refutes govt claim on West Seti Hydro Project

Gorkha Post

Published

on

KATHMANDU — Investment Board Nepal (IBN) has said that it was holding deliberations with China Three Gorges Corporation (CTGC) regarding the financial viability of the West Seti Hydropower Project (750 MW) refuting Finance Ministry’s claims that the government would build the West Seti Hydropower Project with internal resources as stated in the recently released budget for fiscal year 2018-19.

Issuing a statement on Wednesday, the IBN has said that there has been no decision to scrap the pact signed with China Three Gorges Corporation (CTGC)– the proposed developer of the 750MW reservoir-type project.

IBN said a study committee, formed by its 29th Board Meeting chaired by Prime Minister KP Sharma Oli as per CTCG’s request for some clarity on financial viability of the project, has already submitted its report and that the report is under consideration.

ALSO READ :  Govt to present federal budget today

“Recent media reports suggesting that the accord signed with the CTCG will be scrapped and the government will build the project on its own have drawn our attention,” the statement reads.

“No such decision has been made by the government.”

The statement came after the government’s announcement to build the reservoir project by mobilizing internal resources.

Finance Minister Yubaraj Khatiwada, while presenting the federal budget for the next fiscal year on May 29, had said the construction work on West Seti would be commenced by mobilising internal resources.

The project, located in far-western Nepal, has been languishing in uncertainty after the CTGC said it would not go ahead with the scheme if the power purchase rate was not increased.

Continue Reading

Economy

Nepal, China sign sign power grid agreement

Gorkha Post

Published

on

BEIJING — Nepal Electricity Authority and State Grid Corporation of China have signed an agreement on feasibility study of Nepal-China Cross-border Power Grid Interconnection Project on Wednesday.

As per agreement, the two parties would conduct the feasibility study of 400kV Kerung-Rasuwagadhi-Galchhi-Ratamate transmission line.

The Chinese side will perform the lead role in the preparation of the DPR as requested by the NEA. And, a joint technical committee comprising representatives from both parties would prepare the DPR.

ALSO READ :  TIA to operate services for 21 hrs daily from upcoming mid-May

It will hire a consultant to conduct the study and submit a report.

The transmission line will extend from Ratamate in Nepal to Shigatse in China. Only 80km out of the estimated 800-km transmission line lies inside the Nepali territory.

Continue Reading

TOP PICKS