AGL 24.24 Increased By ▲ 0.77 (3.28%)
AIRLINK 107.70 Increased By ▲ 1.59 (1.5%)
BOP 5.12 Decreased By ▼ -0.05 (-0.97%)
CNERGY 3.63 Decreased By ▼ -0.03 (-0.82%)
DCL 7.32 Decreased By ▼ -0.48 (-6.15%)
DFML 42.10 Decreased By ▼ -2.09 (-4.73%)
DGKC 88.80 Increased By ▲ 0.30 (0.34%)
FCCL 21.75 No Change ▼ 0.00 (0%)
FFBL 41.85 Decreased By ▼ -0.67 (-1.58%)
FFL 8.61 Decreased By ▼ -0.14 (-1.6%)
HUBC 148.75 Increased By ▲ 0.95 (0.64%)
HUMNL 10.14 Decreased By ▼ -0.11 (-1.07%)
KEL 4.28 Decreased By ▼ -0.06 (-1.38%)
KOSM 3.59 Decreased By ▼ -0.20 (-5.28%)
MLCF 36.20 Decreased By ▼ -0.20 (-0.55%)
NBP 47.75 Decreased By ▼ -1.55 (-3.14%)
OGDC 129.10 Decreased By ▼ -1.75 (-1.34%)
PAEL 25.75 Decreased By ▼ -0.20 (-0.77%)
PIBTL 6.00 Decreased By ▼ -0.05 (-0.83%)
PPL 113.65 Decreased By ▼ -0.90 (-0.79%)
PRL 22.30 Decreased By ▼ -0.30 (-1.33%)
PTC 12.10 Decreased By ▼ -0.27 (-2.18%)
SEARL 54.98 Decreased By ▼ -0.72 (-1.29%)
TELE 7.11 Decreased By ▼ -0.14 (-1.93%)
TOMCL 37.11 Increased By ▲ 0.71 (1.95%)
TPLP 7.76 Decreased By ▼ -0.19 (-2.39%)
TREET 15.00 Decreased By ▼ -0.29 (-1.9%)
TRG 55.54 Decreased By ▼ -1.16 (-2.05%)
UNITY 31.20 Decreased By ▼ -0.65 (-2.04%)
WTL 1.15 Decreased By ▼ -0.02 (-1.71%)
BR100 8,248 Decreased By -46.7 (-0.56%)
BR30 25,878 Decreased By -223.8 (-0.86%)
KSE100 78,030 Decreased By -439.8 (-0.56%)
KSE30 25,084 Decreased By -114.2 (-0.45%)

ISLAMABAD: A high-level delegation of Karachi Electric (KE) on Monday called on Finance Minister Shaukat Tarin and Secretary Power Syed Asif Hyder Shah to apprise them about critical issues being faced by the power utility.

Sources told Business Recorder that KE’s foreign investors, including Chairman of KE’s Board of Directors Shan Ashary, Mark Skelton and Khaqan Abdullah who represent the Saudi and Middle East based large investor groups that hold majority stake in K-Electric’s shares were part of the delegation.

This visit was a follow-up of a series of meetings held in March 2021 between Saudi tycoon Shaikh Abdulaziz Hamad Aljomaih - also the Managing Director of Aljomaih Holdings – and top-tier members of the Federal Government including Prime Minister Imran Khan, President Arif Alvi, and the then Finance Minister Abdul Hafeez Shaikh among other important stakeholders. During the visit at that time, Hafeez Shaikh apprised stakeholders on the significant investment of almost $ 3.8 billion made by the company in the country since its privatization.

According to sources, while the Federal Government assured the KE investor of fullest support in resolving bottlenecks affecting KE’s transaction, progress on the resolution has not kept pace with the promises, forcing another delegation to visit for a follow-up on matters awaiting Government approvals.

KE seeks resolution of pending issues

Among the issues pending resolution are the long-standing issue of huge payables and receivables between the utility and government entities which are affecting Shanghai Electric Power’s proposal to take a 66.4% controlling stake in K-Electric. However, despite reassurances given by the Prime Minister himself, no substantial progress appears to have been made in the last one year.

Well informed sources shared that the visiting delegation sought clarity on K-Electric’s Power Purchase Agreement (PPA) with the Central Power Purchasing Agency (CPPA-G) and Gas Supply Agreement (GSA) with the Sui Southern Gas Company (SSGC) which remain unresolved despite protracted consultations and discussions between all stakeholders to finalize the drafts.

Additionally, the delegation also raised the issue of pending quarterly determinations and sought clarity on the status of KE’s Mid-Term Review which remained critical for its long-term financial planning.

Copyright Business Recorder, 2022

Comments

Comments are closed.