Twirp: Terrorist Wahabi Islamic Rep Pakistan 5

[Naresh]

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[url="http://www.geo.tv/1-29-2010/58115.htm"]Cash-strapped Kapco, Hubco unable to buy oil[/url]



ISLAMABAD: Karachi is likely to face more power cuts from the first week of February as oil reserves for oil-run power plants has gone down to an alarming level.



The Kot Addu Power Company and Hub Power Company have oil reserves for only two to three days, sources told Geo on Friday.



Sources close to Oil and Gas Ministry told Geo that Hubco, Kapco and other IPPs are facing difficulties to store at least 60 percent oil stock because of lack of funds.



According to sources, daily demand of the Hubco is 7000 tons while it is hardly able to get even 2000 tons.



Speaking to Geo, HUBCO Chief Executive Javed Mahmud said that Hubco is yet to recover its Rs46 billion dues from various organizations. He said plants were going to shut down in few days, which could cause reduction in power generation of 600 MW.



The sources said that Pakistan State Oil is hardly meeting the two-day oil demand of the power plants.



When contacted Federal Petroluem Minister Naveed Qamar dispelled the impression that there way any oil shortage in the country, saying that at least 15-day stock was available.



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