Pre-bid meeting for Pakistan State Oil sell-off on February 19

ISLAMABAD (February 08 2003) : The Privatisation Commission (PC) has succeeded in removing the Defence Ministry apprehensions over the “Guarantees for security of supplies” after the sale of Pakistan State Oil (PSO) and now the pre-bidding meeting for privatisation of the state-owned oil company would be held on February 19.

“We have removed the apprehensions of the Defence Ministry over the privatisation of the Pakistan State Oil Company before its final bidding,” an official of the Petroleum and Natural Resources Ministry told Business Recorder Friday.

Although, earlier, it was scheduled that the Defence Ministry would be briefed on January 29 and after the removal of their concerns pre-bidding meeting would be held on the next day ie January 30, he said.

But the Kuwait Petroleum Corporation (KPC) has asked the Privatisation Commission that they have some special engagements so they would be unable to attend the meeting on the date.

The official said the pre-bidding meeting would discuss the issues pertaining to the final bidding of the PSO.

He said after the presentation of the PSO consultant, J.P. Morgan to the Defence Ministry last month, they have agreed to the PC viewpoint.

He said an agreement would be signed for the “Guarantees for the security of supplies” to the armed forces, for which the DG Oil and PSO would provide their viewpoints to the Petroleum and Natural Resources Ministry, by February 15.

He said the armed forces had raised the issue that in the process of privatisation of the state-owned oil company meeting the strategic requirements of the country in the present geo-political situation should not be ignored.

The Privatisation Commission has invited expressions of Interest (EoIs) from the qualified strategic investors to sell 51 percent equity stakes in the PSO together with management control.

He said, so far, companies, which have shown interest in the bidding of the PSO included Kuwait Petroleum Corporation (KPC), Fauji Foundation of Pakistan and MIDROC Holding Company from the Kingdom of Saudi Arabia.

The pre-bidding meeting will be attended by the representatives of the PC, PSO and the companies interested in the purchase of the PSO.

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