ISLAMABAD, Feb 16: The Privatization Commission (PC) has invited qualified strategic investors to submit Expressions of Interest (EoIs) for acquiring 51 per cent equity stake, with management control , in Pakistan Petroleum Limited (PPL) on an 'as-is-where-is' basis.

According to an official announcement issued here on Wednesday, the last date for submission of Statement of Qualification by all interested parties is April 30, 2005. The interested parties have been asked to send their EoIs along with non-refundable processing fee of $5,000 at their earliest with name of company/group, audited financial statements of the last three years and details of ownership/group structure.

The PC will send Request for Statement of Qualification (RSOQ) on the receipt of the required information along with the EoI. Early submission of EoI will allow parties maximum time to complete their RSOQ requirements.

The PPL has remaining proven plus probable reserves of 6.9 trillion cubic feet (tcf) gas and 15 million barrel oil/natural gas lobe (NGL) as of July 1, 2004, 82 per cent of which are operated by the PPL with production of 942 million cubic feet per day (mmcfd) gas and 1,697 barrels oil/NGL per day during 2004. The PPL has shown revenues of $299 million.

The company, one of the largest exploration and production companies of the country, has significant portfolio of producing assets consisting of operating (Sui, Kandhkot, Adhi and Mazarani) and non-operated (Qadirpur, Sawan and Miano, Block-22 and Tal) fields.

The PPL has a strong exploration track record and perspective exploration portfolio comprising 14 blocks of which eight are operated by PPL and the remaining six by other joint venture partners.