ISLAMABAD – Pakistan has reportedly refused an offer made by the Saudivisiting delegation over acquisitions of two mega power plants.
The Kingdom’s desire to acquire the two LNG-based power plants throughstate-to-state agreement has been politely declined.
Saudi Arabia wanted to take over state-owned 2,446 megawatts Haveli BahadurShah and Baloki power plants under a sovereign deal but the offer wasturned down as the existing law, Privatisation Ordinance, do not provideany ground to selling the assets without rigorous bidding process, localmedia reported, citing sources.
It was informed to the delegation that only due legal process, which isbidding, will be adopted to sell the projects which are already completed.
Both the power plants had been set up during the previous government of thePakistan Muslim League-Nawaz (PML-N) with the total cost of Rs191 billion.
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Official sources said that a state-to-state deal regarding Greenfieldproject can be inked with Saudi Arabia without going into the competitiveprocess.
A Saudi delegation led by Ahmed Hamed Al-Ghamdi, Adviser to the SaudiMinister for Energy, is in Islamabad on a five-day tour with an aim to findinvestment opportunities in Pakistan.
The Saudi delegation also held technical-level talks to review thepossibility for investment in Reko Diq gold and copper mines.
