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PR No.166 K-ELECTRIC DELEGATION MEETS DAR, SEEKS SETTLEMENT OF DUES ISLAMABAD

A delegation of the K-Electric called on Finance Minister, Senator Mohammad Ishaq Dar here Wednesday morning.

Federal Minister for Water & Power, Khawaja Muhammad Asif was also present on the occasion.

Head of the delegation, Mr. Umar Lodhi apprised the Finance Minister of the electricity situation in Karachi and the steps taken by the company to improve the supply of electricity to various areas in the metropolis.

The delegation also briefed the Minister on the status of payables/ receivables of K-Electric with regard to various government entities and suggested ways to resolve the pending issues. The delegation informed the meeting that negotiations for investment of Shanghai Power in the K-Electric were progressing and the matters were likely to be finalized soon. The Chinese side has carried out its due diligence and is satisfied with the financial position of the company, Mr. Umar informed. The meeting was also informed that the Abraj Group is planning to invest around US$ 150 million in the banking and health sectors in the country. Abraj group, it may be added is currently the major shareholder of K-Electric.

Minister Dar assured the delegation of full cooperation and support of the Ministry of Finance for settlement of outstanding issues between K-Electric and various federal government entities. He stated that the government wants to resolve the pending issues in a fair and equitable manner and the company should reconcile their payables/ receivables with the respective entities in a similar spirit.

Minister Dar appreciated the planned investment venture of the Abraj Group and added that liberal investment regime and incentives offered by the Government encouraged investment in different sectors of the economy. Foreign investors are now willing to avail of this liberal investment regime, he said.

Senior officials of the Ministries of Finance, P&NR and Water & Power participated in the meeting.

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