Privatisation Commission all set for PSO pre-bid meeting on February 19

ISLAMABAD (February 18 2003) : The Privatisation Commission (PC) is all set to hold a pre-bid meeting with potential bidders of Pakistan State Oil on February 19 (Wednesday) and there is no indication that it may be delayed, an official said.

He said the bidders have not indicated to the PC that they were not coming for the meeting, which meant the pre-bid meeting would take place as planned.

Kuwait Petroleum Company, Midroc of Saudi Arabia and Fauji Foundation are likely to attend the meeting.

The PC had said in a statement earlier this month that the pre-bid meeting will decide the bidding date of PSO.

The government wants to sell 51 percent of PSO to a strategic investor and hand-over the management control of the company.

The meeting originally scheduled for January 30 was put off to February 19 on the request of the bidders who, according to PC, wanted to more time to prepare for the pre-bid meeting.

However, there were reports that KPC and Midroc officials were reluctant to travel to Pakistan and go for a bidding of PSO because of Iraq conflict.

Some analysts believed that the pre-bid meeting may not take place on February 19 as the Iraq situation will become more complex and delay the PSO bidding.

Meanwhile, the PC had asked different government companies to settle their dues with PSO.

The company had to receive payments from Wapda and KESC and had to make payments to petroleum companies for the oil it gets.

The government also briefed the army on the strategic role of PSO in the last week of January and according to newspaper reports the apprehensions of the army were also addressed on this issue.

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