One Turkish power-generating ship held in Pakistan released

ISTANBUL

Turkey’s Karadeniz Holding, which develops and operates energy-generating ships, has announced the largest of its four ships seized in Pakistan was released after 25 months since the crisis broke out with the Pakistani government.

The company announced its 216-megawatt (MW) power-generating ship “Kaya Bey” has been released by the arbitration court that had been looking in to the legal dispute between the company and the Pakistani government.

In January 2013, Karadeniz Holding’s subsidiary Karkey had filed a lawsuit against the government, which held four of its power-generating ships after a disagreement over the contract, at the International Center for the Settlement of Investment Disputes (ICSID).

The largest Turkish investment in Pakistan, the ships were capable of supplying 30 percent of the energy needs of Karachi’s population of 18 million when operated at full capacity.

As the court process is ongoing, three ships, including a floating power plant owned by Karkey, are still being held in Pakistan.