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ISLAMABAD, April 10: The officials of the Privatization Commission have started dispatching request of statement of qualification (RSoQ) from Wednesday to those parties who had submitted their EoIs.
The Privatization Commission had invited expression of interest (EoI) from qualified strategic local and foreign investors to sell 51 per cent equity stake in Pakistan State Oil (PSO), together with management control in early March this year.
Early submission of EoIs will allow the potential parties maximum time for completion of their RSOQ requirements. The date for submission of RSoQ will be indicated subsequently.
PSO is the largest oil marketing company (OMC) in Pakistan and is engaged in the storage, distribution and marketing of petroleum products, with more than 3,750 retail outlets spread across the country. For the fiscal year ended June 2001, PSO generated sales volume of 12. 6 million tons with sales revenue in excess of Rs169 billion ($2.8 billion) and after-tax profits of Rs2.25 billion ($37.5 million).
PSO is the third largest publicly listed company in Pakistan by equity market capitalization and a recipient of the Karachi Stock Exchange Top 25 Companies award for 17 consecutive years. Annual demand for petroleum products in Pakistan is approximately 18 million tons. Currently, there are five oil marketing companies operating in Pakistan with PSO commanding a substantial share of the market. The government is continuing its structural reform programme for the sector under a phased deregulation process that includes the formation of an independent Oil & Gas Regulatory Authority.
UK DELEGATION: Meanwhile a five-member UK delegation led by Sir Gerrard Neale, business adviser of Nativus Resources Limited, held a meeting with Ahmad Waqar, secretary Privatisation Commission, here on Wednesday. The delegation was briefed about the over all privatisation programme, policy and process. The presentation made to the delegation included the opportunities available to foreign investors particularly in oil and gas sector.
The leader of the delegation evinced keen interest in the privatization of Oil & Gas Development Company Limited (OGDCL) and indicated the desire to participate in the privatization process of OGDCL and other assets in oil and gas sector being offered for privatization.
Nativus Resources Limited is an international investment company, set up by investors from Middle East and Europe, registered in British Virgin Island.
Sir Gerrard Neale will sign a petroleum concession agreement with the Ministry of Petroleum for the award of petroleum exploration licence for Lugai Block in Balochistan on Thursday.
