ISLAMABAD, May 30: The Privatization Commission has finalized all arrangements to hold bidding for the sale of 51 per cent (33,985,788) equity stake in National Refinery Limited, together with management control, on May 31 (today) on ‘as is where is‘ basis. Privatization and Investment Minister Dr Abdul Hafeez Shaikh will chair the bidding. The petroleum and natural resources minister and Privatization Commission Board members will also attend.

Eleven pre-qualified parties completed their due diligence in the data room included: Abraaj Green Consortium; Al Ghurair Investments; Attock Oil Group; Crescent Steel and Allied Products and Shakarganj Mills Limited; Fauji Foundation; Gharibwal Cement Limited; Gul Ahmed Group; KPC Holdings (Aruha) AEC; Lukoil International Trading and Supply Company; Orient Petroleum Inc and Consortium; and Pakistan Refinery Limited.

The Privatization Commission engaged Citigroup Global Markets Limited of the UK in April last year to provide financial advisory services for the privatization of National Refinery Limited. The PC invited expressions of interest (EoIs) from the interested parties on October 23, 2004 and received an unprecedented response from 29 local and foreign investors.

For the financial year ended June 30, 2004, NRL’s net sales were more than Rs40 billion and profit after tax was Rs1,850m. The company’s financial performance has improved consistently over the last seven years.

NRL was incorporated in Pakistan on August 19, 1963 as a public limited company. The refinery complex comprises two lube refineries, a fuel refinery and a Benzene, Toulene and Xylene plant, located in the Karangi Industrial Area, Karachi.

The company’s designed crude oil processing capacity is about 2.7m tons per year with a broad range of petroleum products to cater to Pakistan’s growing demand for petroleum products.

NRL enjoys unrivalled business niche as the only local refinery to produce lube base oils (LBO) and the single largest producer of high quality asphalts. NRL products adhere to stringent international quality specifications and the company is certified with international standards.