Horizon contracts for Pakistan plant

Horizon Energy Development Inc., a subsidiary of US-based National Fuel Gas Co., has obtained financing commitments for construction of a 151 MW power plant near Kabirwala, Pakistan. Horizon will be an equity partner with the Fauji Foundation of Pakistan and the Asian Development Bank in a new venture. Fauji Kabirwala Power Company Ltd. will own and operate the (US)$170 million gas-fired, combined-cycle facility. The project will burn low Btu gas from two nearby fields in combination with pipeline quality gas. Power will be sold to the Pakistan Water and Power Development Authority under a 30-year purchase agreement. The plant is expected to enter commercial operation in less than two years.