ISLAMABAD, Feb 19: The Privatization Commission has decided to disinvest Pakistan State Oil (PSO) on April 26.

According to a PC announcement, the second discussion forum with the pre-qualified bidders of PSO was held here on Wednesday to accelerate the privatization process of the company.

The representatives of the potential bidders, officials of the Privatization Commission, Finance Division, Ministry of Petroleum and Natural Resources, PSO and the Financial Adviser JP Morgan attended the meeting.

The discussions focussed on the terms and conditions of the sale, finalization of bid documents and the targeted bidding date with a view to achieving closure of the transaction at the earliest. It was decided to hold the bidding for PSO after resolving certain outstanding issues. The potential bidders have completed their site visits and carried out their detailed due diligence.

The government plans to privatize PSO as an integrated company by selling a 51-per cent stake in the company to a qualified strategic buyer.