Turkish power firm Karadeniz Holding said it was suing Pakistan at a US arbitration court for at least $600 million compensation after two of its electricity-generating ships were seized in March. Karadeniz Holding chief commercial officer Nuray Atacik told Reuters the ships were being kept by Pakistan without a reason. Officials at National Accountability Bureau did not return calls seeking comment.

"Adding it all up together, our total loss so far has reached $600 million. As long as the Pakistani side keeps the ships this amount is increasing," Atacik said. Karadeniz Holding sent two ships with 330 megawatts generating capacity to Pakistan in 2009 and both sides signed a 564 million five-year contract, Atacik said. After prices rose, Pakistan did not supply fuel to the ships nor did it make rental payments to Karadeniz Holding, she said. The company ended the contract but Pakistan kept the ships which operate 300 metres offshore. Karadeniz Holding''s ships were going to supply the annual electricity need of 5 million people, according to its web site.

Copyright Reuters, 2012