Walters Power International

FOR IMMEDIATE RELEASE

Oklahoma power companies to develop, build two power plants in Pakistan

OKLAHOMA CITY (April 21, 2009) – Iqbal Z. Ahmed, founding chairman of one of Pakistan’s largest energy businesses, Associated Group, and a partner in Pakistan Power Resources, was at the Oklahoma State Capitol today to announce nearly $100 million in contracts to Oklahoma-based businesses for the engineering, procurement, and construction of two power plants in Pakistan.

Ahmed announced that Tulsa-based ProEnergy EPC Services would be awarded the engineering, procurement, and construction of two power plants in Pakistan. Engineering on the project will be subcontracted to EDG Engineers in Tulsa. In addition, a number of the components for these power plants will be manufactured in Tulsa.

“ProEnergy Services is a leader in the power industry and we are looking forward to our partnership with this company and several other Oklahoma-based companies in the development of these much-needed power plants in Pakistan,” said Ahmed, who was named one of Pakistan’s top entrepreneurs in 2006 by Newsweek magazine. “These plants must go online quickly, providing electricity to areas of my country that are currently dramatically underserved. I have been impressed with the get it done attitude of these Oklahoma companies and their ability to provide the high-quality expertise the project requires in the timeframe it needs.”

Okla. Lt. Gov. Jari Askins welcomed Ahmed to Oklahoma and thanked him for the business partnership between Oklahoma and Pakistan businesses, as well as for his efforts to increase peace and stability in Pakistan and the Middle East.

In addition to developing power plants to bring electricity to areas of Pakistan that have been underserved or without, Ahmed was instrumental in brokering a truce between then-President Pervez Musharaff and former Pakistan Prime Minister Benazir Bhutto. Ahmed is a vocal supporter of President Barack Obama’s proposal to shift the priority for U.S. aid to a greater emphasis on economic and social programs while providing needed support to the Pakistan military.

“I support President Obama’s proposal and believe that America’s more direct support for better health care, education and more jobs by funding the construction of hospitals, schools, and roads and bridges - will send a message to Pakistan’s current and next generation and their political leaders that Pakistan and America are partners in the long-term,” he said. “We have to give the political leaders in Pakistan the support they need in order to make the hard choices that will stabilize our democracy.”

Ahmed stopped in Oklahoma on his way to New York City and Washington, D.C., where he will attend a number of business and diplomatic meetings.

Pakistan Power Resources is an Oklahoma-based energy company with majority ownership in Pakistan. Former Oklahoma Governor and current Walters Power International President David Walters is the other PPR partner.

“Mr. Ahmed understands that providing power in a developing market creates economic benefits that increase political stability. Sometimes in business you do well by doing good. Power creates jobs. Putting people to work means there is food on the table at night for many and the dinnertime conversation turns to how an American company worked with a Pakistan company to make it possible. That will, in the long term, alter perceptions,” said Walters.

Two power plants are the subject of the awarded contracts. Both plants consist of natural gas turbines. One project is located in Guddu and will produce 110MW of power. The other is a 50 MW power plant located in Naudero. Work has begun on both projects.

In addition to these plants WPI and PPR is also developing a 205MW rental power project in Korangi, Pakistan, a 192MW project in Multan and has recently participated in the purchase of the stock for a new independent power project near Karachi that will produce 133 MW.

Pakistan President Asif Ali Zardari attended the recent groundbreaking for the Naudero power plant, along with Jeff Canon of ProEnergy Services. Walters was unable to attend the ground breaking due to a prior commitment.

Walters said the deal was completed in a relatively short timeframe, thanks to WPI's ready-to-roll inventory of power plant equipment.

“Because WPI has one of the largest speculative inventories in this market, we’ve become the go-to company when someone needs power immediately. We just happened to have a complete power plant, purchased a year earlier in Wyoming, in our inventory. The plant, to be powered by a pair of RB211 Rolls Royce turbines, works perfectly to meet this request. The Government of Pakistan wanted a plant quickly and no one was poised to provide it faster. This plant will be operational in five months,” Walters said.