National Bank of Pakistan has signed a MoU with Huawei Technologies Pakistan (PVT) to develop a state-of-the-art National Cloud Data Center. The MoU was formalized during the Huawei Connect 2024 Global Conference.

This collaboration aims to strengthen NBP’s digital infrastructure by deploying cutting-edge cloud services in a Tier-3 certified data center. Huawei will provide dedicated teams to ensure timely implementation, ongoing operations and maintenance support. Additionally, NBP representatives will receive hands-on training and documentation to ensure smooth project integration.

Mr. Amin Manji, Chief Information Technology Group (ITG), NBP and Mr. Ethan Sun, CEO, Huawei Technologies Pakistan (PVT) signed the MoU. Mr. Rehmat Ali Hasnie, President, NBP and Mr. Riaz Hussain, Group Chief, IFRG, accompanied by Mr. David Wang, Executive Director of the Board, Chairman of ICT Infrastructure Managing Board, Huawei Technologies, Mr. Derek Hao, President, Enterprise Business Group (EBG), Huawei ME&CA and Mr. Ethan Sun, CEO, Huawei Technologies Pakistan graced the occasion.

Speaking at the event, Mr. Rehmat Ali Hasnie, President NBP, said, “This partnership is a testament to our commitment to adopting advanced technologies that enhance our operational efficiency.”

ISLAMABAD – The Competition Commission of Pakistan (CCP) has approved the joint acquisition of Uch Power (Private) Limited and Uch-II Power (Private) Limited by Sapphire Fibres Limited (Acquirer 1) and Mindbridge (Private) Limited (Acquirer 2).

The acquisition, formalized through a Sale and Purchase Agreement with UPLHC-I Limited (Seller 1), UPLHC-II Limited (Seller 2), and International Power Uch Holdings B.V. (Seller 3), will transfer 100 percent of the shares of Uch Power I and Uch-II Power to the acquirers.

The total cost for the acquisition includes a significant investment for both Uch Power I and Uch Power II. Both Sapphire Fibres Limited and Mindbridge Private Limited will equally share ownership, holding a 50% stake in each of the power plants.

Sapphire Fibres, a publicly listed company, operates in textiles manufacturing and power generation through its subsidiary, Sapphire Electric Company. Mindbridge, a private IT services provider, will now enter the power generation sector with this acquisition.

Uch Power and Uch-II Power are active in Pakistan’s thermal power sector, with gas-powered plants. The acquisition will increase Sapphire Fibres’ market presence in thermal power generation, while Mindbridge will mark its entry into the power generation industry through the proposed transaction.

The CCP’s analysis has determined that the relevant product market for this transaction is ‘Thermal Power Generation – Independent Power Producer’ within Pakistan. The acquisition will not lead to market dominance by the Acquirers, ensuring continued competition in the sector.

ISLAMABAD: The federal government is aiming to cut the electricity tariff by up to Rs10 after the termination of power purchase agreement with five independent power producers (IPPs) which it believes would save the national exchequer Rs411 billion.

“We will reduce the power tariff after mutual consultation with power generation companies,” Energy Minister Awais Leghari said while addressing a press conference after federal cabinet’s meeting in Islamabad.

Prime Minister Shehbaz Sharif, earlier in the day, announced that five IPPs have “voluntarily” agreed to cancel their power purchase agreements with the federal government, a move that will save the government Rs60 billion annually. 

The high cost of electricity has become a contentious political issue, with opposition parties leveraging public dissatisfaction to criticise the incumbent government’s handling of the energy sector and agreements with the IPPs.

The burden of high electricity tariffs falls disproportionately on the middle and lower-income segments of society, fueling public outrage and eroding trust in the government’s ability to manage the economy.

Analysts noted that a successful renegotiation with both local and international IPPs would drastically reduce tariffs, boost industrial competitiveness, and increase public trust in the government’s ability to effectively manage the economy.

Giving details regarding the development, the energy minister said that the government had surveyed to ascertain which plants are not needed anymore.

“We initiated talks with five IPPs and studied the power agreements,” he said, adding that they concluded with mutual consultation.

“The decision would provide Rs60 billion annual relief to the electricity consumers and cumulatively save Rs411 billion to the national exchequer,” Leghari said.

Hoping to achieve the target of reducing the power tariff by Rs 8-10 per unit in a few months, the minister said the government was undertaking various measures to ease the burden on the masses.

He also thanked Chief of Army Staff (COAS) General Asim Munir for his assistance in re-negotiating the agreements. “We will now look forward to working with remaining IPPs,” he added.

The energy minister also mentioned the establishment of an Independent System and Market Operator (ISMO), which he termed a “major win” for his ministry. “After its operationalisation, consumers will be able to buy electricity like shares,” he said.

A day earlier, the Cabinet Committee on Energy (CCoE) approved the establishment of ISMO, an independent multiplayer market, for power generation and purchase to create a competitive environment and gradually end the government’s role as a sole purchaser of electricity.

“We are creating an independent environment for the sale and purchase of electricity,” Leghari said, adding that the power purchasers will not be dependent only on the Central Power Purchasing Agency (CPPA-G).

Furthermore, he said the government was considering introducing a programme, which he said would increase the usage of electricity in winter. “In this regard, a decision will be made after taking all stakeholders into confidence,” he added.