PIBTL seeks deferment of foreign loan repayment

KARACHI: Pakistan International Bulk Terminal Limited (PIBTL) has requested the International Finance Corporation (IFC), and OPEC Fund for International Development (OFID) to defer the repayment of the principal instalment of its foreign loan due on June 15, 2023.

“IFC and OFID are principally amenable to this re-profiling and are in the process of formalising this arrangement,” PIBTL informed the Pakistan Stock Exchange (PSX) in a notice on Thursday.

The company, however, will continue to make the interest payment in accordance with the terms of its foreign financing agreements. “Furthermore, the company continues to fulfil its obligations under the local financing arrangements,” the notice said.

PIBTL was setup as the country’s first terminal for handling coal, clinker and cement on build, operate and transfer (BOT) basis at the Port Qasim Authority.

The bulk terminal has a built capacity for handling up to 12 million tonnes of coal and 4 million tonnes of cement and clinker per year, which can together be further enhanced up to 20 million tonnes per year.

PIBTL has been set up for handling and delivering coal to power and cement plants by utilising the rail, road and sea networks.

The terminal has become an integral part of the coal supply chain up till the entry gates of power and cement plants located across the country.

The financial results of the company showed that it posted a net loss of Rs990 million in 2022 compared to the net profit of Rs1.8 billion in 2021.