A Pakistan government loan to the Karachi Electric Supply Corp (KESC) has been converted into an equity stake. KESC has approved an allocation of 304 512 300 ordinary shares to the President of Pakistan on behalf of the government of Pakistan in settlement for the loan.
In addition, the tariffs of KESC have been brought in line with those of WAPDA.
Meanwhile, the sixth unit of KESC’s Bin Qasim power plant is finally ready to enter service after testing. Unit 6 was due to enter service in 1995. The unit, designed to burn either oil or gas, may be switched to gas instead of the furnace oil presently being burnt. KESC officials are negotiating a secure supply with Sui Southern Gas Co. With the new unit in service, Bin Qasim will have a capacity of 1260 MWe. The Overseas Economic Cooperation Fund provided financial support.
