41 out of 47 IPPs initial master agreements
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January 31, 2021
ISLAMABAD: In a positive development, 41 out of 47 IPPs that signed MoUs with the government in August 2020 have so far initialed master agreements, paving the way for their discounted tariff of Rs 836 billion in next 10-12 years.
Six IPPs are still away in the wake of a dispute over resolution of excess profits of Rs 53 billion from initialing the master agreements legally binding contracts. Under the MoUs, the government is bound to finalize the timeframe before February 12 with IPPs for clearance of their dues amounting to Rs 450 billion and out of it, the amount of Rs 53 billion had been detected in the Mohammad Ali report as excess profits illegally minted by six IPPs. The government wants to pay the whole dues of IPPs within 6 months with 40 per cent payment at the time of signing of amended power purchase agreements (PPAs) and the remaining payment after 6 months. The government negotiation teams and
Inferno averted as petrol-laden tanker spills content in Apapa
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By Olasunkanmi Akoni
Several properties worth billions of naira were saved from being gutted by fire when the driver of a tanker conveying 55,000 litres of Premium Motor Spirit, PMS, while trying to negotiate a bend suddenly overturned and spilled its contents along Kirikri Road, Apapa, Lagos.
The incident which occured at about 2 am, Thursday, according to a source caused panic among residents and road users in the area as emergency responders battled to avert any possible outbreak of inferno.
At press time, emergency responders, including men of the Lagos State Emergency Management Agency, LSEMA, state fire service, police officers among others were collaborating to manage the scene due to the large number of stationary and parked vehicles within the vicinity.