ISLAMABAD: Pakistan's National Accountability Bureau (NAB) has issued a No Objection Certificate (NOC) to Turkish energy firm Karkey Karadeniz ElektrikUretim A.S. (Karkey) to sail one of its power-vessels to Dubai for maintenance purposes.
Karkey was one of 12 rental power companies that were awarded contracts in 2009. However, the Supreme Court cancelled all contracts in March 2012 after learning about lack of transparency and the companies’ failure to produce power in the required quantity despite having received money in advance.
The Turkish energy firm has submitted a claim of $345 million against Pakistan with the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) for losses incurred by its vessels, in terms of damage or depreciation.
Official sources at the water and power ministry said that the ICSID in its October 8 decision had allowed a ship of the Karkey Rental Power Company to sail to Dubai for dry-docking and flag registry. But due to a decision of the Supreme Court of Pakistan, the NAB refused to allow the ship of Karkey to cross the boundaries of Pakistan.
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