In a recent development, the Private Power Infrastructure Board (PPIB) has written a letter to the Chief Executive Officer (CEO) of CIHC Pak Power Company (Pvt.) Ltd, emphasizing the need for the fulfilment of financial obligations related to the 300 MW Imported Coal Power Project at Gwadar Balochistan.
The letter, dated May 15, 2023, features the rehashed demands made by PPIB to CIHC Pak Power Organization Private Restricted (CPPCL) in regards to the expansion of the task’s monetary shutting (FC) date and the accommodation of fundamental charges.
Refering to references to past correspondences, PPIB repeats its prior warnings, asking CPPCL to expand the legitimacy of the current Presentation Assurance (PG) of US $1,500,000 for three extra months past the Lengthy FC Date, i.e., until Walk 31, 2024. Moreover, the letter stresses the prerequisite for CPPCL to present the FC date augmentation expense of US $150,000, which is as yet forthcoming.
PPIB reminds CPPCL that the expansion in FC Date up to December 31, 2023, was endorsed by the PPIB Board in its 138th gathering, taking into account the choice made in a gathering directed by the Priest of Arranging Improvement and Extraordinary Drives (MoPDSI).
The past FC date expansions conceded to CPPCL had terminated on January 31, 2022, and ensuing augmentations were given until December 31, 2022, Walk 31, 2023, and December 31, 2023. Nonetheless, CPPCL neglected to satisfy the essential prerequisites and get an alteration to the Letter of Help (LOS) to consolidate the FC date expansion.
The letter underscores that the legitimacy of the Presentation Assurance (PG) past 90 days of the drawn out FC Date and the accommodation of the FC date expansion expense are required essentials for the issuance of the LOS correction. It further expresses that the Public Electric Power Administrative Power (NEPRA) can’t continue with CPPCL’s solicitation for duty update without a legitimate LOS revision broadening the FC Date by PPIB.
Yet again considering the abovementioned, CPPCL is asked to satisfy all necessities, including the expansion of PG legitimacy and the FC date augmentation expense, to acquire a revision to the LOS integrating the FC Date augmentation. The cutoff time for consistence is set for May 22, 2023. PPIB accentuates that inability to present the lengthy PG and charge will bring about PPIB continuing as per the agreements of the LOS and its revisions, as the PG is set to terminate on May 31, 2023.
It is significant that PPIB has likewise sent a duplicate of the letter to the Secretary, Service of Energy (Power Division), Chief of CPPA, MD of NTDC, and President of QESCO for their data and vital activity.
This most recent correspondence from PPIB to CIHC Pak Power Organization (Pvt.) Ltd highlights the meaning of satisfying monetary commitments and sticking to courses of events in the advancement of the 300 MW Imported Coal Power Venture at Gwadar Balochistan. The task holds massive potential for meeting the developing energy needs of the locale, and the convenient goal of these monetary issues will assume a pivotal part in its fruitful execution.
