KARACHI: Hub Power Company (Hubco), in the greater national interest, has initiated a negotiated settlement agreement with regard to the accelerated expiry on October 1, 2024 of its relevant agreements scheduled to expire in March 2027, relating to the company’s 1,292MW power generation project located at Mouza Kund, Gaddani, District Lasbella, Balochistan.

This project achieved COD in 1996, material information sent to Pakistan Stock Exchange on Thursday said.

Hubco took this decision upon the request of the task force constituted under the Prime Minister’s Office.

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“Pursuant to the terms of the agreement, GOP and CPPAG have agreed to settle the company’s outstanding receivables up till October 1, 2024”, the information said.

“The Board has agreed to terms of the settlement and authorized the execution of a definitive agreement in respect thereof.”

Copyright Business Recorder, 2024