Omar Ayub announces withdrawal of capacity charges on circular debt

ISLAMABAD (92 News) – Federal Minister for Power and Petroleum Omar Ayub Khan has announced to withdraw the capacity charges on the circular debt. Addressing a press conference on Monday, he said that the previous government burdened the IPPs with extra expenditures and for this reasons the IPPs moved the court. “Pakistan suffered a great loss in Reko Diq and Karkay cases. We are challenging the fine imposed on Pakistan in the Reko Diq case,” he said. He said that a fine of Rs6.2 billion was clamped on Pakistan in Reko Diq case. The minister said that wheel of business will move with the foreign investment. “If the court announced the verdict in favour of the Gas Infrastructure Development Cess (GIDC), the relieved amount will be spent on the gas infrastructure,” he said. He said that the government is striving to resolve the problems of the power sector. “The government is focusing on transparency. We are introducing each thing on merit,” he said.