ISLAMABAD: Ministry of Privatisation is likely to submit the proposed Arbitration Agreement between Karachi Electric (KE), SSGCL, CPPA-G and other organizations to Prime Minister Imran Khan on Friday (today), well-informed sources told Business Recorder.

At least two high-level meetings were held under the chairmanship of Mohammadmian Somroo, Minister for Privatisation, to discuss the terms of references (ToRs) to resolve dispute on payables and receivables among KE and public sector entities.

"The Minister held meetings in order to fast-track resolution of the long-standing issues of payables and receivables due from and to entities including CPPA-G/NTDC, SSGC, KWSB and K-Electric," the sources added.

The last meeting, which was held a couple of days ago, was attended by representatives of SSGC, CPPAG, Ministry of Finance and Ministry of Energy as well as the KE CEO and Chairman and SAPM on Petroleum Nadeem Babur wherein they discussed the recent draft TORs that were shared by KE early last week. KE was directed to “refine” the language of the TORs to reflect the principles of equity and fairness and alignment with the laws of Pakistan.

"As none of the participants raised any objection to the TORs, KE lawyers and GOP lawyers were directed to revert to the revised TORs by Friday for review and finalisation," the sources added.

However, a spokesperson for Privatisation Commission said that the stakeholders are trying to sort out their differences on payables and receivables.

"Productive meetings are being held as parties are sitting across each other. The issue of payables and receivables cannot be resolved without neutral arbitration," the spokesperson said.

The working group, the sources said, is holding meetings daily to review the progress and finalizing the Arbitration Agreement.

"Once ToRs are finalized, the recommendations of inter-ministerial committee will be submitted to the Prime Minister," the spokesperson maintained.

Karachi Electric is said to have “trimmed” its ToRs a couple of times on the recommendations of Power Division.