March 20, 2002	Wednesday	Muharram 5, 1423

ISLAMABAD, March 19: The government is all set to hold road shows both in and outside Pakistan for the privatization of the mighty Oil and Gas Development Corporation Limited (OGDCL) for which Expressions of Interest (EOIs) have been invited in early next month.

“We have not fixed a reference price for OGDCL but hopefully it is going to give us a good price due to its developed infrastructure and other facilities”, said the Minister for Privatisation Altaf M. Saleem.

Talking to Dawn here on Tuesday, he said that Financial Adviser of the OGDCL, Merril Lynch has accelerated the process to finalize the transaction within this year. “We are expecting a consortium of local and foreign investors to bid for the OGDCL,” he added.

He also said that bidding of the government’s 30 per cent shareholding in the oil and gas sector will take place in the middle of April for which 11 EOIs had been received by the Privatization Commission. He said there were 9 EOIs, which were received but then September 11 events occurred last year due to which the transactions was postponed.

“Later two more investors were included who expressed their willingness to take part in the transaction,” he said hoping that here too the government was expecting a good price because of the potential of 9 oil wells.

Similarly, Altaf Saleem said that United Bank Limited (UBL) and Investment Corporation of Pakistan (ICP) were ready for privatization. “The ICP’s 26th State Enterprise Mutual Fund” which is the biggest fund will be transferred to the private sector separately,” he added.

Mr Saleem said that ICP will be disinvested in three phases. Phase one, he said, has just been announced for 12 mutual funds while another was expected soon, besides the 26th state enterprise mutual fund.