Rs 93.5B Owed: Port Qasim Plant Faces Shutdown

Port Qasim Electric Power Company (PQEPC) has told the government it might shut down its coal power plant if they don’t get Rs 93.5 billion they’re owed soon. Business Recorder says the payment’s way past due, and PQEPC can’t pay its shareholders their share, which could get worse fast without action.

Coal plants from the China-Pakistan Economic Corridor (CPEC) are waiting on Rs 300 billion total—over a billion bucks. This mess is stressing out Pakistan and China, slowing down new loans and insurance for projects.

PQEPC’s boss, Wang Dongfang, wrote to the government saying their Port Qasim plant has kept the lights on and helped manage debt, even during COVID-19. But as of February 26, 2025, they’re still owed Rs 93.5 billion (about $334 million), unpaid for over six months.

The plant’s owners, including folks from China and Qatar, are fed up with the delays and want the money now. Wang pointed out their deal lets them stop running the plant without penalties if payments lag, which could make things ugly.

If the plant shuts down, it’s bad news for everyone—less power and broken money promises. PQEPC’s begging for quick cash to avoid loan defaults and bigger problems. Sources say Finance Minister Muhammad Aurangzeb’s been asked to push funds to the Central Power Purchasing Agency (CPPA-G) to fix this.

Recently, the Finance Division gave CPPA-G Rs 18 billion for subsidies, covering things like farm water pumps in Balochistan, Azad Jammu and Kashmir, and part of a big energy fund for 2024-25.