Pakistan State Oil bidders ask for pre-bid moot in December

KARACHI (November 16 2002) : The prospective bidders of Pakistan State Oil Ltd have requested the government to hold a pre-bid meeting next month to discuss the bidding process and to finalise the date.

Prospective bidders of Pakistan State Oil (PSO), country's premier oil marketing company, on Friday gathered in Karachi to discuss assorted matters pertaining to privatisation of the public sector giant.

The meeting was arranged by the Privatisation Commission at PSO House under the chairmanship of the Secretary, PC, Ahmed Waqar.

The Managing Director, PSO; the Managing Director NIT/ICP; officials of the Privatisation Commission and PSO, representatives of Kuwait Petroleum Corporation, Midroc, Fauji Foundation and financial adviser, J. P. Morgan, attended the meeting.

Broad-based matters raised by bidders subsequent to the completion of due diligence exercise were discussed with a view to providing clarity and ensuring that the transaction can be smoothly brought to an early completion. Most of these issues were resolved in the meeting.

Upon the request of the bidders, a pre-bid meeting has been scheduled in December to discuss the bidding process and finalise the bid date.

Bidders expressed keen interest in the transaction and appreciation of the process.

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