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Pakistani satellite to continue facing losses: Report
Islamabad, July 30: Pakistan`s first satellite Paksat-1, acquired last year with an investment of around Rs 1.85 billion, would continue facing losses for its entire five-year life as it was not marketable in its two target regions, the Middle East and African countries, media reports said today.
Islamabad, July 30: Pakistan's first satellite
Paksat-1, acquired last year with an investment of around Rs
1.85 billion, would continue facing losses for its entire
five-year life as it was not marketable in its two target
regions, the Middle East and African countries, media reports
said today.
The government has now decided to consider the capital
cost as subsidy over the entire life of the project because
the satellite could meet only 66 per cent of its recurring
cost, 'The Dawn' quoted finance ministry sources as saying.
Both the costs were to be financed under the public
sector development programme, it said, adding, the Ministry of
Information Technology and Telecom (IT&T) was now seeking an
ex-post facto approval of the Rs 1.85 billion for the project
from the executive committee of the national economic council
with a foreign exchange component of Rs 1.695 billion.
Pakistan had acquired the satellite after concluding a
contract with an American company, M/s Hughes, in July last
year and it was moved from 50 east to the contracted orbit
position of 38 east in December the same year.
The paper said an official summary suggested that the
satellite has a problem with one of its control processors in
one of the series and its power supply system will need to be
switched off for three hours from 11 pm to 2 pm for 90 days of
the eclipse period every year.
Bureau Report
Bureau Report