Turkish RPP firm to sue Pakistan at US arbitration court


Turkish power firm Karadeniz Holding said it was suing Pakistan at a US arbitration court for at least $600 million compensation after two of its electricity-generating ships were seized in March. Karadeniz Holding chief commercial officer Nuray Atacik told Reuters the ships were being kept by Pakistan without a reason. Officials at Pakistan’s National Accountability Bureau (NAB) did not return calls seeking comment, reported Reuters. “Adding it all up together, our total loss so far has reached $600 million. As long as the Pakistani side keeps the ships this amount is increasing,” Atacik claimed. However, last month, the NAB had informed the Pakistani Supreme Court that $120m was outstanding against Karkey Karadeniz Elektrik Uretin AS Turkey plant instead. Atacik said on Friday that Karadeniz Holding sent two ships with 330 megawatts generating capacity to Pakistan in 2009 and both sides signed a 564 million five-year contract. After prices rose, Pakistan did not supply fuel to the ships nor did it make rental payments to Karadeniz Holding, she claimed. The company ended the contract but Pakistan kept the ships which operate 300 metres offshore.