JUN 27, 2018 (BE2C2): The National Accountability Bureau (NAB) has decided to bring back to Pakistan Saifur Rehman, a close confidant of former Prime Minister Nawaz Sharif and former chief of the now defunct Ehtesab Bureau, through Interpol.
Back in July 2012, the Interior Ministry had written a letter to the Qatar government, seeking extradition of Rehman.
The Dawn had reported then that the Federal Investigation Agency (FIA) had issued red warrants for Mr Rehman after he claimed he possessed evidence of President Asif Ali Zardari’s Swiss accounts and Gen (retd) Pervez Musharraf’s involvement in the $10 billion power plant scam in 2009.
The FIA had also formed a team for the arrest of Mr Rehman with the help of Interpol.
Since then, Mr. Rehman has traveled to the country several times, according to sources and media reports.
Rehman built his company Redco in Doha and enjoys good relations with the Qatari royal family.
He is said to have been the prime mover behind Port Qasim Electric Power Company, a joint venture of PowerChina (51%) and Al Mirqab Capital (49%). The project was inaugurated in haste to show results, and without completing prerequisites which may expose the nation to massive liabilities, Dawn wrote. NAB is investigating the project, it has emerged.
The project is the first major undertaking under the China-Pakistan Economic Corridor (CPEC) which achieved financial closing in a haste back in Jan 2016. The plan for the “private power also knows as merchant” project was put together by Saifur Rahman, the report said.
Mr Rahman himself supervized the ceremony held to mark the financial close of the project jointly sponsored by the Sinohydro Resources Limited of China and Al-Mirqab Capital of Qatar. The Chinese Exim Bank is providing $1.9bn financing to the sponsors for the project, and had already released $200 million as the first tranche before the closing.
Former PM Nawaz Sharif laid the foundation stone of the project in April 2015 — a year before the financial close.
The Doha-based Al Mirqab Capital is an investment vehicle is owned by Sheikh Hamad Bin Jassim Bin Jabor Al Thani, the country’s former prime minister and former chief of Qatar’s sovereign wealth fund, and his family in a private capacity.
The private equity firm does not have any Key Executives recorded in the public domain, according to Bloomberg.
Al Miqrab became JV partner with Chinese state-owned Power China in 2014 to undertake EPC-based Port Qasim coal power project near Karachi — a 1320-megawatt (MW) imported-coal fired plant at a total estimated cost of nearly $2 billion.
The power complex comprises two units of 660 MW steam turbine with supercritical boiler from China, and will sell power to K-Electric using imported coal from South Africa, Australia or Indonesia. The transmission line to evacuate power to K-Electric is still under construction, according to sources.
On being asked why Thar Coal is not supplying relatively cheaper coal to the plant, Engr. Shamshuddin Shaikh, the CEO of Engro Coal & Mine said, “They never asked us and designed the process on imported coal basis.”
In May 2015, Dongfang Electric Company (DEC), including Dongfang Turbin, Dongfang Electric Machinery, and SEPCO III signed an equipment supply agreement for the construction of the plant, as part of the China-Pakistan Economic Corridor project.
Back in July 2014, Sinohydro Holding Company of Hong Kong and the Qatar-based investment firm were granted environmental clearance for the plant.
A year later, in February 2015, the National Electric Power Regulatory Authority (Nepra) approved a US$0.8 cents per unit upfront levelized tariff for the plant over 30 years. In Pak Rupee the rate comes out to be approx Rs10 per unit based on present US dollar currency rate of 125 — the tariff which was agreed upon in 2015 was based on US$1 = Rs97.10.
Power from the public-private partnership based Nooriabad Gas-fired plant built last year near Karachi is being sold at Rs7 to 8 to K-Electric while a new one proposed at Dhabji will sell electric at Rs 9.14. “We are the cheapest seller of power in whole of Pakistan,” said Engr. Saiyed Asif Mehmood, Chairman and CEO of Kinetic who are partners with Sindh Govt at the Nooriabad plant and 100 percent owner/operator at the proposed Dhabeji water treatment plant.