Fed govt plans to sell shares of OGDCL, other petroleum companies

ISLAMABAD: Federal Minister for Privatization Muhammad Mian Somroo on chaired a meeting of the privatization board and mulled over selling shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Mari Petroleum Company Limited, ARY NEWS reported.

The meeting mulled over the divestment plan for the three companies while deferred a plan to sell shares of Pakistan Engineering Company Limited (PECO) by August 20 and decided to move ahead on it after consultations with industries and commerce ministry.

The meeting headed by Muhammad Mian Somroo mulled over an option to sell 10 percent shares of the OGDCL after reviewing the market situation and a request from the petroleum ministry.

Around 10 percent PPL shares will be sold out in the capital market, the meeting decided but delayed the process citing current decline in shares of the company.

The board meeting also approved to sell the Jinnah Convention Centre for commercial purpose. The land alongside the convention centre could also be used for commercial purpose.

Read More: Privatization process ongoing as planned: Muhammad Mian Soomro

The privatization board also approved new rules and regulations regarding privatization under section 35 of the privatization ordinance to pave way for smooth divestment process.

On July 23, Muhammad Mian Soomro met with the heads of commercial banks and discussed their role in facilitating the privatization process of Balloki Power Plant and Haveli Bahadur Shah Power Plant.

While flanked by Adviser to PM on Petroleum Affairs Nadeem Babar, the federal minister for privatization said during the meeting that assistance from banks was necessary to encourage investments in the country.

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