Saba Power

Saba Power Company (Private) Limited ("Company") is a private entity incorporated on December 07, 1994 under the provisions of Companies Ordinance, 1984. The principal activity of the company is to build and own power plants and to generate and supply electric power through these plants. The company commenced its commercial operations December 31,... 1999. The Company owns a power generation facility ("Complex") in Farouqabad, District Sheikhupura, Provience of Punjab, Pakistan. The Plant configuration is single RFO fired high efficeincy boiler with a steam capacity of approximately 900,000 lb/hr, feeding a single re-heat steam turbine generator set rated for a maximum gross generation capacity of 134 MW. The Goverment of Pakistan ("GOP"), as a matter of policy involved the private sector in the generation of electricity for sale to the National Grid. The Company entered into an Implementation Agreement ("IA") on March 31, 1996 to build a power generation complex at its present Complex location. A 30 years Power Purchase Agreement ("PPA") was signed by the Company on December 26, 1994 with Pakistan Water and Power Development Authority ("WAPDA"), an electric generation and distribution utility owned by GOP. Under this agreement, all of the Net Electrical Output ("NEO") generated by the Complex is sold to its sole customer, WAPDA with an agreed tariff. The Company entered into a Fuel Supply Agreement ("FSA") with Pakistan State Oil Compant Limited ("PSO") on April 9, 1995 for procurement of Fuel and related products supply to the Complex. The term of this Agreement is also 30 years. PSO is the largest oil distribution and marketing company in Pakistan. Despiet the fact that it is now a listed Company, PSO is still controlled by GoP which owns majority of the shareholding. On February 25, 1997, the Company engaged the services of Coastal Technology Pakistan (Private) Limted ("Operator") through an Operation and Maintenance Agreement ("O&M Agreement") to operate and maintain the Compex . Due to the change in ...Read More