Pak fears reduced profit in CPEC project as top official alerts Islamabad of hidden costs
Feb 16, 2022
Islamabad [Pakistan], February 16 : Pakistan government now fears that its profits from a CPEC project will be reduced, after the top official alerted Islamabad of hidden costs in the Saindak project, according to a media report.
Chairman, China Pakistan Economic Corridor (CPEC) Authority has alerted the government that hidden costs in the operations and maintenance (O&M) of the Saindak Copper-Gold Project can reduce government share/ profits, reported Business Recorder citing sources.
The chairman also suggested hiring a professional person/firm to ensure that expenses are booked fairly.
According to The Business Recorder on February 9, the Economic Coordination Committee (ECC) was requested to consider the proposed 15-year extension in the lease contract period of the Saindak Copper-Gold Project between SML and MCC, China with effect from 1st November 2022 to 31st October 2037 and approve the attached Addendum No.4 (Annex-TX of the summary) to the Lease Contract to be signed by SML Management with MCC.
The Petroleum Division informed the forum that efforts have been made to bring transparency and to increase the visibility of the government by constituting an Overview Committee.
It came as Chinese officials have raised dissatisfaction with Pakistan on the slow progress of many CPEC projects, asking Islamabad to complete the project timely.
Beijing had also expressed dissatisfaction with the Imran Khan government over rising attacks near the CPEC projects in certain areas and surging domestic protests in cities where such projects are based.
