China denies cancellation of Nepal hydro project deal
Dam
Chinese foreign ministry spokesperson Hua Chunying said, 'This project is a commercial one. Relevant Chinese enterprises are conducting negotiations with the Nepalese side on the economic feasibility and other relevant matters'
Dismissing reports that the Nepalese government has cancelled its agreement with Chinese companies on the West Seti hydropower project, China clarified on Wednesday that talks on the projects were on between the firms and Nepal.
Chinese foreign ministry spokesperson Hua Chunying said, "This project is a commercial one. Relevant Chinese enterprises are conducting negotiations with the Nepalese side on the economic feasibility and other relevant matters".
The reports stating cancellation of the agreement between Nepal and China came after a China's state run news agency reported from Kathmandu about 'widespread concerns about possible negative impact on Chinese investment after the government announced on May 29 in its annual budget for the next fiscal year 2018-19 that the West Seti project would be developed with domestic resources".
The 750 MW West Seti hydropower project in far-western Nepal was handed over to the China Three Gorges Corporation (CTGC) in 2012.
Nepal Prime Minister KP Sharma Oli is all set to visit China later this year.
During his last visit to China, Nepalese Prime Minister KP Sharma Oli signed the treaty with China to improve rail and road links. The treaty also aimed at ending Nepal's dependence on India.
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The 750 MW West Seti hydropower project in far-western Nepal was handed over to the China Three Gorges Corporation (CTGC) in 2012.
The report came ahead of Nepal Prime Minister K P Sharma Oli's visit to China later this month.
Nepal's minister for energy, water resources and irrigation clarified that Nepal has not yet cancelled the deal with CTGC.
He added that the present government wanted cooperation with China to develop this project despite scrapping of the deal by the previous government.
He said that Nepal wanted to develop this project in cooperation with China either in the form of government-to-government cooperation mechanism or by taking soft loans from China.
The Chinese company had earlier termed the power purchase rate offered by Nepal as unattainable, however, Nepal was not ready to make any revision.
The previous Nepalese government had cancelled the 1,200 MW Budhigandaki hydropower project deal with a Chinese company Gezhouba Group Corporation (CGGC).
(With inputs from PTI)