CCOP Allows Re-Engaging Adviser for Sale of LNG Plants

The Cabinet Committee on Privatization (CCoP) has allowed the re-engagement of financial advisory services for the privatization of National Power Parks Management Company Limited (NPPMCL).

The meeting of CCoP, presided over by Finance Minister Miftah Ismail, was apprised by the Privatization Commission (PC) that the Financial Advisory Services Agreement (FASA) for the privatization of NPPMCL was signed between the commission and Credit Suisse, Singapore. The agreement expired on 29th April 2022.

It was informed that the government is committed to inviting much-needed private sector investment and expertise in the power sector. To undertake a valuation exercise for the sale of two power plants, PC tabled a summary to reengage the financial advisor for NPPMCL, which was approved by CCoP.

It is pertinent to mention that the NPPMCL owns and operates the 1,223 MW Balloki Combined-Cycle Gas-Fired Power Plant and the 1,230 MW Combined Cycle Haveli Bahadur Shah Project.

The meeting also discussed the proposal for delisting the plot of Trading Corporation of Pakistan (TCP) measuring 15 acres, in Multan Industrial Estate, from the privatization list. The meeting was apprised regarding the process developed in 2020 to auction the plot. However, no one participated in the process.

In the meantime, TCP started establishing cold storage facility on the said property as per the requirements of the area and in consultation with Pakistan Fruits & Vegetable Exporters Association (PFVEA) on public-private partnership (PPP) mode. Based on that, it requested to retain the property.

CCoP approved the proposal and allowed 6 months to TCP to work out the feasibility of the project and finalize the details of the project proposed on PPP mode with PFVEA and other trade associations at the expo center at Multan.

The meeting was attended by Federal Minister for Defence Khawaja Asif, Federal Minister for Power Khurram Dastgir, Federal Minister for Industries and Production Syed Murtaza Mehmud, Federal Minister for Commerce Syed Naveed Qamar, Chairman Privatization Commission Abid Hussain Bhayo, Shahid Khaqan Abbasi and other senior officials.