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CONSTRUCTION BEGINS ON DEVELOPING WORLD'S LARGEST PRIVATELY OWNED AND OPERATED POWER PLANT

 CONSTRUCTION BEGINS ON DEVELOPING WORLD'S LARGEST
 PRIVATELY OWNED AND OPERATED POWER PLANT


Ceremony Will Mark Successful Culmination of Complex Negotiations
 Between Pakistani Government and Private Investors
 WASHINGTON, Sept. 11 /PRNewswire/ -- Groundbreaking ceremonies for the developing world's first and largest privately owned and operated power facility -- the Hub Power Project -- will take place on Sept. 12 outside Karachi, Pakistan. Dignitaries from the Pakistani government as well as representatives from American, British, Saudi and Japanese sponsors will attend.
 This groundbreaking marks the successful conclusion of months of complex negotiations associated with financing, developing and operating a new power project in an emerging market. Latham & Watkins attorney John L. Sachs played a key role in successfully structuring this landmark deal. As lead negotiator for the Pakistani government, Sachs has been heavily involved in every aspect of the Hub Power Project, including the various project agreements and financing documentation.
 "A trailblazer among developing nations, Pakistan is determined to attract private investment to bring its infrastructure into the 21st century and allow it to be more competitive in a global economy," said Sachs, a partner in the firm's Washington office and chair of its international private power practice.
 "The Hub Power Project will create hundreds of local jobs during the construction phase and when completed. It also will provide 1,292 megawatts of desperately needed power to the nation, allowing it to offer businesses and residents vastly improved services in the future," Sachs continued.
 Industry estimates indicate that developing countries will need between 1 and 2 million megawatts of new electric generating capacity in the next 20 years. As more governments follow Pakistan's lead in recognizing the benefits of private investment in these types of projects, so the market will expand and grow, and complex issues will be resolved more readily.
 Latham & Watkins is one of the nation's largest law firms with 600 lawyers and offices in Los Angeles, Orange County, Washington, San Diego, Chicago, New York, San Francisco and London. It provides a full range of legal services domestically and internationally.
 -0- 9/11/92
 /CONTACT: John L. Sachs of Latham & Watkins, 202-637-2264; or Anne Sage of Casey & Sayre, 310-457-3676, for Latham & Watkins/ CO: Latham & Watkins ST: District of Columbia IN: SU:


AL-LS -- LA018 -- 8603 09/11/92 16:05 EDT
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Publication:PR Newswire
Date:Sep 11, 1992
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