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Minister stresses privatisation for non-tax revenue

Business

June 3, 2020

ISLAMABAD: Federal Minister Privatisation Mohammedmian Soomro on Tuesday reiterated the importance of completing the privatisation of RLNG power plants on a priority basis to generate non-tax revenues for the country.

Soomro was presiding over a meeting with financial advisory consortium regarding privatisation of National Power Parks Management Company Limited, operating 1,223MW re-gasified liquefied natural gas (RLNG) power plant at Balloki and 1,230MW RLNG-based plant at Haveli Bahadur Shah.

“Since the world as well as our country is emerging from the lockdown, the privatisation completion timeline and milestones have to be met with speed and efficiency,” he said in a statement.

The financial advisory consortium briefed the privatisation commission team on the progress made in negotiations with the various bidders in respect of the sale purchase agreement (SPA) and the project documents for the transaction.

The consortium said comments of the potential bidders have been incorporated in SPA regarding implications of tariff determination of the company. Further deliberations to that effect will be made in the meeting to be held in Nepra (National Electric Power Regulatory Authority) on 6 June.

A complete update on the timeline considering the Covid-19 pandemic was also given.

The privatisation team also discussed the comments from the various bidders on the sale purchase agreement and other project documents and discussed related transaction matters.