ISLAMABAD: The Special Investment Facilitation Council (SIFC) is reportedly endeavouring to find ways to resolve pending issues of K-Electric prior to forthcoming visit of Prime Minister Shehbaz Sharif to Saudi Arabia (April 28-29, 2024), well-informed sources told Business Recorder.

On April 22, 2024, SIFC organized a meeting of stakeholders on pending issues like Multi- Year Tariff (MYT) and write -off claims, which are between the power utility company and National Electric Power Regulatory Authority (NEPRA). Power Division has already resolved KE issues, however the issue of mediation on receivables and payables is also under process.

The sources said NEPRA’s top brass has many questions on both pending matters but is tight lipped due to pressure from high-ups, dealing with the issues. They shared their viewpoint during the meeting with the caretaker Prime Minister. Prime Minister, Shehbaz Sharif, during his first term and caretaker Prime Minister, Anwar ul Haq held meetings on the issues of KE and directed NEPRA to sort them out. However, all issues are still with the power regulator.

Saudi minister seeks govt’s intervention for resolution of KE issue

The sources said both Power Division and NEPRA have been asked to expedite pending approvals so that new investment from Saudi Arabia can materialize.

The sources said Prime Minister Shahbaz Sharif will attend special meeting on global collaboration, growth, and energy for development in Riyadh, Saudi Arabia (April 28-29, 2024). Prime Minister will also discuss agriculture and livestock sector, information technology sector, mining and mineral sector and energy sector.

Saudi Minister of Finance argues that the issue of Al-Jomaih Group’s investment in K-Electric is still unresolved adding that the issue faced by one investor could potentially discourage other investors from the private sector in Saudi Arabia.

He said the Kingdom wanted to bring more investors to Pakistan but as long as there were isolated negative examples it would be difficult to build trust.

Copyright Business Recorder, 2024