Historical context: This article reports developments from July and August 2022 concerning Pakistan’s plans for government-to-government transactions involving state assets. The proposals described here were under consideration at that time and should not be read as confirmation that a $2 billion sale was completed.

Pakistan’s government was considering a government-to-government transaction involving the Haveli Bahadur Shah and Balloki RLNG power plants as it sought additional external financing in 2022.

Haveli Bahadur Shah and Balloki power plants

The two plants were owned and operated by National Power Parks Management Company Limited, a government-owned company. Haveli Bahadur Shah had an installed capacity of about 1,230 MW, while the Balloki plant had an installed capacity of about 1,223 MW.

Government-to-government transaction discussed

Contemporary reports said the government was considering selling the two plants to the United Arab Emirates through a government-to-government arrangement. A figure of about $2 billion was discussed in connection with the proposed transaction, although the final value had not been settled at the time.

The government was also examining a broader legal framework for negotiated government-to-government commercial transactions involving state assets.

Privatisation discussions predated 2022

The two RLNG plants had been part of Pakistan’s privatisation discussions before the 2022 financing pressures. Government records show that efforts involving the Haveli Bahadur Shah and Balloki plants had already been considered through the privatisation process.

Political criticism of the proposal

The proposed sale became politically contentious. Former prime minister Imran Khan criticised the government’s approach to selling national assets and questioned the proposed transaction. His statements were political criticism of the coalition government and are presented here as attributed views rather than independent findings.

Former finance minister Shaukat Tarin also criticised the proposed sale and the government’s approach to transactions involving state assets. These comments formed part of the wider political debate over Pakistan’s economic and financing situation at the time.

Proposal, not a completed $2 billion sale

The key distinction is that reports in this period concerned preparations, negotiations and possible transaction structures. The approximately $2 billion figure discussed publicly should therefore be understood in the context of a proposed deal rather than evidence that the two plants had already been sold for that amount.