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Hub Power Company

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Hub Power Company Limited
Company typePublic
PSX: HUBC
IndustryPower
Founded1994; 30 years ago (1994)
Headquarters
Karachi
,
Pakistan
Area served
Pakistan
Key people
M. Habibullah Khan (Chairman in 2018)
Websitehubpower.com

Hub Power Company Limited, (حب پاور کمپنی لمٹیڈ) colloquially known as HUBCO, is the first and largest Pakistani Independent Power Producer (IPP) with a combined installed power generation capacity of 2920 MW.[1][2]

HUBCO is the only power producer in Pakistan with four projects listed in the China-Pakistan Economic Corridor (CPEC), out of which three are under construction — Thar Energy Limited, Thalnova Power Thar (Pvt) Ltd and Sindh Engro Coal Mining Company whereas China Power Hub Generation Company (CPHGC) is already contributing electricity to the national grid. Hub Power Company stock is traded on the Pakistan Stock Exchange.[3][4]

Organisation structure

Subsidiaries and Associates of HUBCO

Subsidiaries

  • Narowal Energy Limited (NEL): Wholly owned by HUBCO. It manages and operates the Narowal Power Plant[5][3]
  • Hub Power Services Limited (HPSL): Wholly owned subsidiary of HUBCO
  • Hub Power Holdings (HPHL): Incorporated to invest in future growth projects
  • Thar Energy Limited (TEL): HUBCO has 60% shareholding in TEL which is setting up a 330-megawatt (MW) Thar Lignite Coal-based mine mouth Power Plant and is a part of the China-Pakistan Economic Corridor (CPEC)
  • Laraib Energy Limited (LEL): HUBCO owns 74.95% of LEL which is the owner and developer of the New Bong Escape Power Project[3]

Associates

  • China Power Hub Generation Company (CPHGC) is the project company for the development, construction and operation of 2×660 MW Coal-fired Power Plant in Hub, Balochistan near the Hub plant. HUBCO has 46% stake in CPHGC[3]
  • Sindh Engro Company Limited (SECMC) is an open-pit mining company in which HUBCO has 8% stake[3]
  • ThalNova Power Thar (Pvt.) Ltd. is a 330 MW mine-mouth lignite fired power plant in which HUBCO has acquired majority shares [6]

Management team

  • Kamran Kamal, CEO HUBCO [3]
  • Saleemullah Memon, CEO Thar Energy Limited & ThalNova Power Thar Pvt. Ltd.
  • Abdul Nasir, CFO HUBCO
  • Farrukh Rasheed, VP HR & Digitalization
  • Amjad Raja, VP Operations
  • Fayyaz Bhatti, VP Strategic & Regulatory Affairs
  • Faheem Arsal, VP Thar Projects

Plants currently providing electricity to Pakistan

  • Hub Plant (1,292 MW) is located 60 km from Karachi in Hub. The electricity at Hub is generated by four 323 megawatt oil-fired units that are supplied by a 78 km long pipeline from Pakistan State Oil. It consists of four generating units, each unit has capacity of 323 MW gross output, with an oil-fired single re-heat boiler and tandem compound and two cylinder condensing steam turbines directly coupled to a hydrogen cooled generator.[7]
  • Narowal Power Plant (225 MW) located in Narowal, Punjab consists of 11 generating sets, 11 Alborg Heat Recovery Steam Generators and one air cooled condensing Steam Turbine from Dresser Rand.[5]
  • New Bong Escape Power Project (84 MW), located in Mirpur, Azad Jammu& Kashmir, commenced commercial operations on 23 March 2013 and has the distinction of being Pakistan and AJ&K's first hydropower IPP. The Project uses the water discharged from an upstream already existing hydropower plant located at Mangla Dam.[8]
  • China Power Hub Generation Company (CPHGC) Power Plant (1320 MW) is an imported coal-based plant supplying energy to the national grid and located at Hub. The CPHGC plant consists of two generating units each rated at 660 MW Gross, with each unit having GE supercritical boilers, steam turbine and generator sets.[3][9]

Other projects

  • Sindh Engro Company Limited (SECMC) has developed a coal mine at Thar which has the seventh largest reserves of coal in the World. SECMC achieved Commercial Operations for Phase I in July, 2019 and will be embarking to double its coal mining capacity to supply fuel to HUBCO's Thar Energy Limited and ThalNova projects which are under construction.[10]
  • Thar Energy Limited (TEL) Project is a lignite-based 330 MW project which is underway and is targeted for completion by end of March 2021.
  • ThalNova Power Thar Pvt. Ltd (TNPTL) is also a 330 MW mine-mouth lignite-fired power plant similar to TEL.

Prime International Oil & Gas Company

In March 2021, Eni exited the Pakistani market and sold its assets to Prime International Oil & Gas Company.[11][12] The deal include the assets acquired, interests in eight development and production leases and four exploration licences.[11][13] Prime International Oil & Gas Company, a newly established joint venture (JV) between Eni Pakistan local employees and Hub Power Company.[11][14]

Financial Performance

For the year ended June 30, 2021, Hubco has posted consolidated profit after tax (PAT) of Rs 33.7 billion.[15]

History

  • On 1 August 1991, The Hub Power Company Limited was incorporated in Pakistan as a public limited company.[7]
  • In 1997, the construction of Hub Power Plant (1292 MW), the first oil-fired IPP in Pakistan, was completed.
  • In 2011, the 225 MW Narowal Thermal Power Project reached completion.
  • In 2013, Laraib Run of the River Hydel Plant was constructed. It was the first hydel IPP in Pakistan.[8]
  • In January 2015, HUBCO announced that it will set up 1,320 MW coal-based power plants next to its thermal power station at Hub in Balochistan. The two plants would be initially run on imported coal for which a coal jetty would also be developed.[16]
  • In 2018, partial shares were taken over by Mega Conglomerate Pvt. Ltd.[3] This resulted in the Chairmanship being relinquished by Hussain Dawood and assumed by Habibullah Khan.[10][17]
  • In 2018, HPHL (wholly owned subsidiary of HUBCO) acquired 37% stake in ThalNova Power Thar (Pvt.) Ltd.
  • In 2019, the 1320 MW (2x660 MW) China Power Hub Generation Company Private Limited (CPHGC) Project with integrated Jetty started operations.
  • A lignite-based 330 MW Thar Energy Limited Project in Thar Block II is underway and expected to be completed in 2021.[9]

Growth aspirations

  • Water Solutions: Aim to solve the water crisis in the country through water desalination and purification projects.[18][19]
  • Renewable Energy: Expansion of business by venturing into wind energy projects.[2]

Corporate social responsibility

The company's Corporate social responsibility (CSR) program focuses on:

The company has set up initiatives to develop communities around its plants. It provides education and healthcare by setting up schools and medical facilities. The Company improves the physical infrastructure of the local communities by providing clean water and installing solar systems. It helps improve the livelihood of the local populace through projects such as the HUBCO Rahnuma Program where employees volunteer their time, skills, and efforts to develop communities near plants.[9] HUBCO aims to hire local workers and in line with this provides vocational training programs.[20]

Awards and accolades

HUBCO Ocean Tower Office

Hub Power Company has achieved the following:

  • Top 7th position in the “Billion Dollar” Club since 2009.[1]
  • First Independent Power Producer in the world.
  • Won the PSX Top 25 Companies Award in 2002, 2003, 2010, 2017 and 2018.[6]
  • Digital Innovator of the Year in Optimizing Operations Category awarded by General Electrics (GE) in 2017.
  • Winner of Best Place to Work in 2019 conferred by Engage Consulting & Pakistan Society of Human Resource Management (PSHRM).
  • Received the Corporate Excellence Award conferred by Management Association of Pakistan (MAP) in 2019 and 2020.[9]
  • Winner of Gender Diversity at Workplace Award conferred by the CFA Society at the 17th Corporate Excellence Award in 2020.[21]
  • Awarded Notable Growth in Women Empowerment at OICCI's (Overseas Investors Chamber of Commerce & Industry) Women Empowerment Awards 2020.[22]

See also

References

  1. ^ a b Farooq Tirmizi (23 December 2012). "The growth of the "billion dollar club" in Pakistan". The Express Tribune (newspaper). Retrieved 20 June 2021.
  2. ^ a b "HUBCO company profile".
  3. ^ a b c d e f g h Hussain, Dilawar (24 September 2018). "Further growth for Hub Power Company". Dawn (newspaper). Retrieved 20 June 2021.
  4. ^ Hussain, Dilawar (6 November 2001). "Hub Power Company: CORPORATE PROFILE". Dawn (newspaper). Retrieved 20 June 2021.
  5. ^ a b "Hubco to set up 225 MW plant at Narowal". The Nation (newspaper). 24 June 2008. Retrieved 20 June 2021.
  6. ^ a b "Hubco Analyst Briefing Feb, 2020" (PDF).
  7. ^ a b "Power Generation & Distribution: THE HUB POWER COMPANY LIMITED – Year Ended June 30, 2005 (Audited)". Business Recorder (newspaper). 8 December 2005. Retrieved 20 June 2021.
  8. ^ a b "Laraib Energy".
  9. ^ a b c d "HUBCO Annual Report 2019" (PDF).
  10. ^ a b c "Hubco generation capacity doubles in six years: Chairman". Business Recorder (newspaper). 17 March 2018. Retrieved 20 June 2021.
  11. ^ a b c Jamal, Nasir (10 March 2021). "Eni exits Pakistan, sells assets to local JV". DAWN.COM.
  12. ^ "Eni Exits Pakistan, Sells Assets to Prime International Oil & Gas | Hart Energy". www.hartenergy.com. Retrieved 30 August 2021.
  13. ^ "Eni Exits Pakistan, Sells Assets to Prime International Oil & Gas | Hart Energy". www.hartenergy.com. Retrieved 30 August 2021.
  14. ^ "Eni Exits Pakistan, Sells Assets to Prime International Oil & Gas | Hart Energy". www.hartenergy.com. Retrieved 30 August 2021.
  15. ^ Correspondent, Our Equities (31 August 2021). "Hubco profit jumps 35pc". DAWN.COM. Retrieved 31 August 2021. {{cite web}}: |last= has generic name (help)
  16. ^ "Work progress on coal-fired power plant satisfies PPIB". The Express Tribune (newspaper). 5 August 2018. Retrieved 20 June 2021.
  17. ^ Allia Bukhari (1 March 2020). "People drank tap water in Karachi. It's not possible anymore". The Express Tribune (newspaper). Retrieved 20 June 2021.
  18. ^ "Hubco to set up recycling project". The News International (newspaper). 18 February 2020. Retrieved 20 June 2021.
  19. ^ "Hubco CSR program".
  20. ^ "CFA Society Annual Excellence Awards Winner List-2020" (PDF).
  21. ^ "OICCI organizes Women Empowerment Awards 2020". 20 January 2021. Retrieved 20 June 2021.{{cite web}}: CS1 maint: url-status (link)
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