NAB chairman briefed about revised contracts with IPPs

ISLAMABAD: A negotiation committee of the government for tariff reduction of IPPs (Independent Power Producers) on Thursday briefed National Accountability Bureau (NAB) Chairman Justice (Retd) Javed Iqbal about the revised contracts with 47 IPPs and concessions extracted from the recent deal with IPPs.

According to NAB spokesman, the chairman was briefed about the arbitration clause of these contracts which determines the alleged excess savings of Rs. 55 billion.

It was worth mentioning here that the idea of negotiation was floated by NAB after finding some flaws in the IPPs agreements inked by the previous governments.

The strategy of NAB proved advantageous and beneficial which resultantly brought savings of billions of rupees.

Reiterating firm commitment to resolve the issue, the spokesman said NAB always gives top most priority to the development and prosperity of the country.

Chairman NAB appreciated the efforts of negotiation teams and the whole process which would help saving Rs. 836 billion from remaining terms of these IPPs.

NAB absolutely denied the reports appeared in a section of media alleging that NAB was finding wrongdoing on these revised IPPs contracts.