SBP refuses to pay $45m to Iran‏ian firm

[Kaalapani]

ISLAMABAD: The State Bank of Pakistan has so far declined to transfer $45 million to an Iranian firm and as a result the procurement of 13 heavy power transformers, with an installed capacity of 500MW, has been held in abeyance.

The request was earlier made by the Ministry of Water and Power in a bid to purchase the power transformers which would help upgrade the old transmission system and also to deal with continuing tripping problems.

An official told DawnNews that last year, the National Transmission and Dispatch Company (NTDC) issued a tender for the purchase of these transformers.

An Iranian firm placed a low bid to obtain the tender.

An official at the power ministry, on condition of anonymity, said that the Iranian firm successfully arranged the transformers but the SBP has now refused to pay $45 million to the firm due to US sanctions on Iran.

He added that ongoing tripping of power would continue if the transformers are not purchased from
the Iranian firm.

Sources also informed that payment for the import of 60MW of Iranian electricity has been stopped as it is feared that the power supply would remain suspended in the bordering areas of Balochistan.

The Ministry of Water and Power has recommended to the Finance Ministry to make the payments to Iran through barter trade.

 

[Armstrong]

Should've thought that before holding the tender !

Its only fair to pay up !

 

[AZADPAKISTAN2009]

Should be paid

 

[Kaalapani]

Banks is unable to pay not the Govt.

 

[Khurram541]

should have thought before the tender...now when bids have been opened, payment must be done....no point of non payment due to iran embargo by US.

 

[Contrarian]

The premise is wrong.
Pakistan(if it wants) can pay using an equivalent amount of Gold like India did.

 

[A.Rafay]

Barter trade seems like a good idea, we shouldn't pay a penny!

 

[SBD-3]

ISLAMABAD: The State Bank of Pakistan has so far declined to transfer $45 million to an Iranian firm and as a result the procurement of 13 heavy power transformers, with an installed capacity of 500MW, has been held in abeyance.

The request was earlier made by the Ministry of Water and Power in a bid to purchase the power transformers which would help upgrade the old transmission system and also to deal with continuing tripping problems.

An official told DawnNews that last year, the National Transmission and Dispatch Company (NTDC) issued a tender for the purchase of these transformers.

An Iranian firm placed a low bid to obtain the tender.

An official at the power ministry, on condition of anonymity, said that the Iranian firm successfully arranged the transformers but the SBP has now refused to pay $45 million to the firm due to US sanctions on Iran.

He added that ongoing tripping of power would continue if the transformers are not purchased from
the Iranian firm.

Sources also informed that payment for the import of 60MW of Iranian electricity has been stopped as it is feared that the power supply would remain suspended in the bordering areas of Balochistan.

The Ministry of Water and Power has recommended to the Finance Ministry to make the payments to Iran through barter trade.

Just explained why we can't do so.
New $3 bn LNG project ready for Gwadar

 

[FNFAL]

Bad move. The financial image of the nation will suffer. This is the second time iranians have had their fingers burnt when dealing with pakistan.

 

[arushbhai]

Wow such a dick move by Pakistan. They have been acting like dicks with Iran lately lol.

 

[ziaulislam]

Wow such a dick move by Pakistan. They have been acting like dicks with Iran lately lol.

Sbp cannot Risk sanctions by getting involved,govt should look for another method of payment