ISLAMABAD: Privatisation Division has initiated discussions with stakeholders on early finalization of arbitration draft of K-Electric (K-E) amidst the visit of a delegation from Saudi Arabia.

In this regard, Federal Minister for Privatisation Mohammedmian Soomro called a meeting to discuss some matters, mainly the arbitration draft. Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Baber, Attorney General for Pakistan Khalid Javed Khan, Federal Secretary Privatisation Hassan Nasir Jamy , CEO K-E Monis Alvi and representatives from Ministry of Finance, Ministry of Petroleum and officers of Privatisation attended the meeting. Chairman K-Electric Shan Ashary ,Syed Ali Raza and representative from Sui Southern Gas Company limited (SSGCL) attended the meeting via video link.

In a statement it was said that the outcome of recent week meetings with stakeholders was reviewed to finalize all pending matters. Federal Minister Mohammedmian Soomro said that all issues are being actively followed by the concerned ministries and other parties.

It was reportedly said that the management of K-Electric had withdrawn its main conditions of Principle of Reciprocity and arbitration through the London Court from its draft terms of reference (ToRs) to resolve old disputes over receivables and payables between the KE and some government entities.

The shareholders of K-Electric had also given the nod to the top management to remove the clause of Principle of Reciprocity and agreed to the local arbitration mainly on dispute over receivables and payables.

Copyright Business Recorder, 2021