The government says a deal between CLP and mainland natural gas suppliers has yet to be finalised because it is seeking 'important information' from the power firm.
SCMP, May 16
In my previous career as an investment analyst, it happened one day that the boss decided we would do a joint venture in Pakistan and dispatched me to have a look-see at this bright new opportunity.
It quickly became evident that most companies of any size were either afflicted by a thousand different robbers or run by the army, which tolerated only one robber.
There was an exception, however. Hubco, the Karachi power utility, was privately run, operated an excellent service and actually generated a return for investors.
Hubco had a trump card. The World Bank was a shareholder. Pakistan, perpetually bust, then as now, relied on the World Bank to guarantee payment for oil imports, and the weekly tanker that called in from the Gulf would not connect the pipes until the World Bank gave the all clear.