ISLAMABAD: The Private Power & Infrastructure Board (PPIB) has called on the State Bank of Pakistan (SBP) to allocate $758 million for foreign payments of power projects, many of which are under the China-Pakistan Economic Corridor (CPEC) framework.
Managing Director of PPIB, Shah Jahan Mirza, in a letter to SBP Governor Jameel Ahmed, highlighted concerns from Independent Power Producers (IPPs) about delays in obtaining SBP’s approval for converting PKR to USD to meet their financial obligations. These obligations include payments to project lenders, coal suppliers, operation and maintenance (O&M) contractors, and other commitments under project agreements.
Mirza emphasized the urgency, noting that IPPs have been persistently seeking SBP’s approval for converting PKR to USD to ensure the smooth operation of their projects. He pointed out that the IPPs have been vocal about this issue and have requested PPIB’s intervention.
The pending approvals for IPP payments include:
China Hub Power: $24,867,288, CNY 3,008,701
Port Qasim Electric Power Ltd: $132,253,295
Huaneng Shandong (Sahiwal): $317,667,142, CNY 92,311,593
Engro Powergen Thar: $77,963,601, Euro 1,098,558
Thar Coal Block-1 Power Generation Co. Ltd: $117,174,258
Pak-Matiari Transmission Co. Ltd: $3,600,000, CNY 101,400
Thal Nova Power Thar Limited: $30,585
Karot Power Limited: $19,686, CNY 317,721
Attock Power Gen Limited: Euro 3,481,468
Uch Power (Pvt.) Limited: $17,133,765
Uch-II Power (Pvt.): $11,302,732
Rousch Power Limited: $9,555,504, Euro 1,110,776
Hawa Power Limited: $3,764,509
Jhimpir Power Limited: $18,941,209
AJ Power Limited: $212,586
FFC Energy Limited: Euro 222,352
Three Gorges First Wind Farm Pakistan (Pvt.) Ltd: CNY 380,050
Metro Power Company Ltd: $898,001, GBP 4,172, CNY 898,001
Gul Ahmed Wind Power Limited: $2,089,724
Tenaga Generasi Limited: $23,232
Hydro China Dawood Power Pvt. Ltd: $564,670
Three Gorges Second Wind Farm Pak Ltd: CNY 10,739
Tricon Boston Consulting Corporation Pvt. Ltd-A, B, C: Euro 11,048, GBP 2,296 each
DIN Energy Ltd: $925,284
The total pending amount is approximately $757,756,196, including USD, Euros, GBP, and CNY conversions.
It remains uncertain whether the SBP has acted on the PPIB’s request before the Prime Minister’s official visit to China.
Story by Mushtaq Ghumman
