Pakistan Crisis China: Chinese power companies became ‘pauper’ in Pakistan, no longer getting money from CPEC, will stop work – pakistan crisis china concerned over payment issues of chinese companies working on power projects
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Lack of money affected the work of Chinese companies
Chinese company M/s Sinosure is also working on Pakistani power project under CPEC. This company is also not ready to insure fresh finance for power sector projects. Official documents revealed that the Sindh Agro Coal Mining Company (SECMC) has informed the Power Division that due to considerable delay in opening of Letters of Credit (L/Cs) and foreign funds, the company’s mining operations are seriously affected. has influenced.
Coal companies wrote a letter to the government
Sindh Engro Coal Mining Company is also bearing demurrage charges, liquidated damages and damages due to delay in approval. Due to this, the cost is also increasing along with damaging the reputation of the company. The company is in constant touch with the concerned banks, but still their money is stuck. In a letter to the Power Secretary, Amir Iqbal, CEO of Sindh Anglo Coal Mining Company, said that our contractor has now informed that they are unable to continue mine operations due to the huge delay in their payments. We request your immediate intervention to support the payment to our Chinese contractor; Otherwise, our operation will be closed with immediate effect
Electricity may cost three times in Pakistan
Thar power plants operating on Thar coal by Amir Iqbal Khan from the closure of operations: Engro Power Thar Ltd. (EPTL 660 MW), Thar Energy Ltd. (300 MW), Thal Nova Power Thar (Pvt.) Ltd. (330 MW) and Lucky Electric Power Company (660 MW) will be closed. He said that if we import coal from outside, the power capacity will put an additional foreign exchange burden of $85 million per month on the economy. Due to this, electricity in Pakistan can become three times more expensive.
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