Saturday, July 20, 2024

Pakistan to Sell LNG Plants to Qatar in Desperate Attempt to Avert Default

As the threat of default looms over cash-strapped Pakistan, the government has decided to sell two LNG-fired power plants, according to sources.

The report claimed that the two power plants, which were taken up during Nawaz Sharif’s tenure in tandem with building the first LNG terminal, were put on an active list for privatisation to raise an estimated $1.5 billion.

A new cabinet committee of the Sharif-led government approved selling the plants owned by the National Power Park Management Company Private Limited on a priority basis after the recent meeting to remove power plants from the privatisation programme.

It was also reported that the Board of the Privatization Commission issued no statement to keep the matter under wraps, contrary to previous events as press statements were usually issued after such meetings.

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