Privatization of Nandipur and Guddu Power Plants canceled

Islamabad: The authorities have decided to cancel the privatization of Nandipur and Guddu Power Plants, GNN reported.

According to the Privatization Commission, it has been suggested to allot the shares of power plants to Pakistan State Oil (PSO) to reduce the revolving debt of the gas sector.

The sources stated that by giving the shares of power plants to PSO, the revolving debt of the gas sector will be reduced by 100 billion rupees. Nandipur and Guddu power plants owe Rs100 billion to Sui gas companies. The 100 billion controlling stake of both the power plants will be given to PSO.

Sources added that it has been decided to remove Nandipur Power and Guddu Power Plant from the privatization list. The federal government will clear the dues of the Sui Gas companies from the shares of the power plants.

According to sources, the Ministry of Energy, Petroleum and Privatization Commission have agreed to remove the power plants from the privatization list, but the final approval to remove the power plants from the privatization list is subject to the federal cabinet.