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World Bank Document Document of The World Bank Public Disclosure Authorized Report No. 13006-PAK STAFF APPRAISAL REPORT PAKISTAN Public Disclosure Authorized PRIVATE SECTOR ENERGY DEVELOPMENTPROJECT II OCTOBER 28, 1994 Public Disclosure Authorized Energy and Infrastructure Operations Division Country Department III Public Disclosure Authorized South Asia Region CURRENCYEQUIVALENTS (as of September 1994) Currency Unit = Pakistan Rupee (Rs) US$1.00 = Rs 30.80 Rs 1 = US$0.03 Rs 1 = 100 paisas (Ps.) GOP Fiscal Year July 1 - June 30 MEASURESAND EOUIVALENTS 1 Kilometer - 0.6214 miles 1 Ton - 1,000 kilograms 1 Kilovolt - 1,000 volts 1 Megawatt (MW) - 1,000 kilowatts 1 Kilowatt Hour(kWh) - 1,000 watt hours BCDF - Billion cubic Feet per Day BOPD - Barrels of Oil Per Day MCF - Thousand Cubic Feet TCF - Trillion Cubic Feet TPY - Tons per Year ABBREVIATIONS AND ACRONYMS ADB - Asian Development Bank APL - Asia Petroleum Limited BOO - Build-Own-Operate CDC - Commonwealth Development Corporation CIDA - Canadian International Development Agency CMU - Cofinanciers' Memorandum of Understanding COFACE - Compagnie Francaise d'Assurance pour le Commerce Exterieur (France) ECAs - Export Credit Agencies ECC - Economic Coordinating Committee ECO - Expanded Co-financing Operation ENERCON - National Energy Conservation Center ERG - Energy Review Group ESL - Energy Sector Loan ESMAP - Energy Strategy Management Assistance Program ESSA - Environmental and Social Soundness Assessment EUAD - Environment and Urban Affairs Division FAS - Fuel Adjustment Surcharge FSA - Fuel Supply Agreement Fund - Private Sector Energy Development Fund - 1i - FERI - Foreign Exchange Rate Insurance GDR - Global Deposit Receipts GOP - Government of Pakistan HESS - Household Energy Strategy Study HPC - Hub Power Complex HUBCO - Hub Power Company JEXIM - The Export-Import Bank of Japan KESC - Karachi Electric Supply Corporation LES - Long-Term Energy Sector Strategy LOS - Letter of Support LRMC - Long Run Marginal Cost LTCF - Long Term Credit Fund MCF - Thousand Cubic Feet MHW - Ministry of Housing and Works MITI - Ministry of International Trade and Industry (Japan) MPNR - Ministry of Petroleum and Natural Resources MOP - Ministry of Production MPD - Ministry of Planning and Development MWP - Ministry of Water and Power NCS - National Conservation Strategy NDFC - National Development Finance Corporation NRL - National Refineries Limited ODA - Overseas Development Administration (United Kingdom) OECF - Overseas Economic Cooperation Fund (Japan) OGDC - Oil and Gas Development Corporation O&MA - Operations and Maintenance Agreement PED - Private Energy Division PMDC - Pakistan Mineral Development Corporation PP - Petroleum Policy PPA - Power Purchase Agreement PPIB - Private Power and Infrastructure Board PPC - Private Power Cell PSEDP I - Private Sector Energy Development Project (Ln. 2982-PAK) PSO - Pakistan State Oil Company SA - Shareholders Agreement for Hub Power Company SACE - Sezione Speciale per l'Assicurazione del Credito all Esportazione (Italy) SAP - Social Action Program SBP - State Bank of Pakistan SNGPL - Sui Northern Gas Pipeline Company, Ltd. SSGC - Sui Southern Gas Corporation TKC - Turnkey Construction Contract TPY - Tons per Year USAID - United States Agency for International Development WAPDA - Water and Power Development Authority - iii - Table of Contents I. INTRODUCTION ......................................... 1 II. THE ECONOMY AND THE ENERGY SECTOR ..................... 3 A. The Economy .................................... 3 B. The Energy Sector ................................. 5 III. POLICIES AND INSTITUTIONS SUPPORTING PRIVATE INVESTMENT IN THE ENERGY SECTOR ....................................... 17 A. Policies for Promotion of Private Investment in Energy ... ....... 17 B. Private Sector Energy Development Fund ................... 23 C. Institutional Framework .............................. 24 IV. THE PROJECT ................... ...................... 26 A. Project Setting ................................... 26 B. Project Objectives ................................. 27 C. Project Description ................................ 28 D. Project Cost and Financing Plan ........................ 31 E. Sources of Replenishment for the Private Sector Energy Development Fund ................................ 33 F. Onlending Interest Rate ............................. 34 G. Repavment Terms for Onlending ........................ 37 H. Forecast of Sources and Applications of Funds ............... 38 I. Appraisal and Supervision of Subprojects ................... 39 J. Procurement ..................................... 41 K. Disbursements ................................... 44 L. Envirornental and Resettlement Aspects ...... 46 M. Reporting and Accounts ........... .. ................ 47 N. Institutional Refinements ............................. 47 V. PROJECT JUSTIFICATION .................................. 51 A. Project Rationale .................................. 51 B. Benefits ........................................ 51 C. Economic Justification and Economic Rate of Return ..... 52 D. Risks ......................................... 52 VI. SUMMARY OF AGREEMENTS AND RECOMMENDATION ..... 54 A1NNEXES: 1. Hub Power Project .58 2. Post Qasim - Khalifa Point Fuel Oil Pipeline Project .107 3. Fund: Sources and Application of Funds Statement .117 4. Map .119 This report was prepared by Mr. I. Elwan (Manager), Mr. M. Cassam (Consultant, Institutional), Ms. N. Elreedy (Consultant, Finance) and Mr. W. Al-Mazeedi (Consultant, Petroleum). Financial projections for the Fund were prepared by Mr. C. Gavino (Financial Analyst). Peer reviewers were Messrs. J. Balkind (Senior Country Officer), E. Dalla (Principal Financial Specialist). - lv - PAKISTAN PRIVATE SECTOR ENERGY DEVELOPMENT PROJECT H Loan and Project Summary Borrower: Islamic Republic of Pakistan Beneficiaries: Private sector borrowers who would design, finance, construct, own and operate energy and energy related infrastructure facilities; and GOP for consulting services. Amount: US$250 million Terms: 20 years, including five years grace, at the Bank's standard variable interest rate. Cofinanciers: Export-Import Bank of Japan US$110 million and the Govermnent of France US$10 million. Onlending Terms: In the case of the subloan for the Hub Power Project: (i) during the construction of the Investment Project for which the Subloan has been made, a fixed rate of 14% per annum; (ii) after completion of construction of such Investment Project but before all loans other than the Subloan for the Investment Proiect which are senior to the subloan have been reraid, a variable rate, to be reviewed annually, equal to the greater of: a. the sum of the prevailing One-Year United States Treasury Note rate plus the Foreign Exchange Rate Insurance (FERI) Margin plus a spread of 300 basis points, and b. the sum of the prevailing World Bank Lending Rate plus the FERI Margin plus a spread of 250 basis points; and (iii) after repavment of such senior loans and until the Subloan has been fully repaid, a variable rate, to be reviewed annually, equal to the greater of: a. the sum of the prevailing One-Year US Treasury Note rate plus the FERI Margin plus a spread of 400 basis points, and b. the sum of the prevailing World Bank Lending Rate plus the FERI Margin plus a spread of 350 basis points. In the case of all other subloans: (i) during the construction of the Investment Projects for which the Subloans have been made, a fixed rate equal to the greater of: a. the sum of the prevailing Five-Year US Treasury Note rate plus a spread of 200 basis points, and b. the sum of the prevailing World Bank Lending Rate plus a spread of 150 basis points; (ii) after completion of construction of such Investment Projects but before all loans other than the Subloans for the Investment Projects which are senior to the Subloans have been repaid, a variable rate, to be reviewed annually, equal to the greater of: a. the sum of the prevailing One-Year US Treasury Note rate plus a spread of 300 basis points, and b. the sum of the prevailing World Bank Lending Rate plus - v - a spread of 250 basis points; and (iii) after repavment of such senior loans and until the Subloans have been fully repaid, a variable rate, to be reviewe^' annually, equal to the greater of: a. the sum of the prevailing .Ae-YearUS Treasury Note rate plus a spread of 400 basis points, and b. the sum of the prevailing World Bank Lending Rate plus a spread of 350 basis points. Project Description: The proposed Project will: (a) replenish the Private Sector Energy Development Fund (the Fund) to provide subordinated long-term loans to private sector entities to finance goods, services, and associated costs required for the implementation of: (i) a power generation subproject currently under construction which would be owned and operated by HUBCO, a private sector company; (ii) the pipeline to be constructed, owned, and operated by Asia Petroleum Limited (APL) for the transportation of fuel oil from Port Qasim to Point Khalifa; and (iii) other private power generation and energy related infrastructure subprojects currently at an advanced stage of preparation. Priority in receiving financing would be accorded to subprojects which would achieve financial close in at most six months from the effectiveness of the proposed Project; (b) fund the continued operation of the Private Power and Infrastructure Board (PPIB) and the Fund, covering staff, consulting services, training, and facilities and equipment; and (c) provide
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