November 16, 2002	Saturday	Ramazan 10, 1423

KARACHI, Nov 15: The pre-bid meeting of the Pakistan State Oil (PSO) will be held in December to discuss the bidding process and finalise the date of bid.

This was decided on the request of the potential bidders, who gathered at the First Discussion Forum in Karachi to discuss assorted matters pertaining to the privatization of the public sector giant.

Representatives of potential bidders like Kuwait Petroleum Company, MIDROC and Fauji Foundation attended the meeting, which held under the chairmanship of Secretary Privatization Commission, Ahmed Waqar. The meeting was also attended by managing director PSO, managing directors of National Investment Trust/ Investment Corporation of Pakistan and the financial advisors of the J.P. Morgan.

According to a statement, broad based matters raised by the bidders after due diligence exercise 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. The statement was silent over the issues raised by the bidders and their solution.

Market sources said that the potential bidders had raised the issue of outstanding amount worth billions of rupees which the two state utility giants Wapda and KESC have to pay to the PSO.

Market analysts said that if the matters were not resolved, the PSOs privatization may fetch a lower price.

According to an earlier statement of the Privatization Commission on November 11, the government had invited expressions of interest in March and April 2002. Six parties had submitted their statement of qualification and subsequently five parties were pre-qualified to participate in the privatization process of PSO.