The agreement signing ceremony between Sitara Chemicals, MCB, Meezan Bank Ltd and United Bank Ltd was held at a local hotel on Friday. It was attended by executives of the banks and top management of Sitara Chemical Industries, Faisalabad; Karachi Chamber of Commerce & Industry's President Abdullah Zaki, Chief Executive of Trade Development Authority of Pakistan (TDAP) S M Muneer, industrialists, and businessmen.
Sitara Chemicals' CEO Muhammad Adrees and representatives of MCB, Meezan Bank Ltd and UBL signed the accord. Speaking on the occasion, Adrees said: "Sitara Group carries a history of responsible business and diversification". He said that in view of the country's energy crisis, his Company has decided to set up 35 MW coal power plant which will not only fulfil the power requirement of Sitara Chemicals, but would be expanded gradually to meet the needs of other industries.
He said that the project would also require logistics for handling the raw material and create a lot of business opportunities, besides creating for jobs for fresh engineers, HR officials, skilled professionals and management personnel. He said that the new 35MW coal-based power plant will prove to be a trend-setter in the industrial sector of Pakistan, as Sitara Chemicals has carried out extensive research to make this project as role model. Sitara Group, he added, was already in energy sector, having 80MW Captive Power Plant (Sitara Energy Ltd) and 30MW Natural gas-fired Power Plant, installed at Sitara Chemicals.
S M Muneer said that Sitara's 35 MW coal-based power project will prove to be a great contribution to meet its own as well as other industries' electricity requirement.