KARACHI, Aug 8: The data room for the due diligence of Pakistan Petroleum Limited (PPL) will be opened on August 20, 2005, which will initiate the privatization of 51 per cent equity stake with management control in the oil exploration giant.
Analysts at stock brokerage firms commented in their Monday morning reports on the Friday’s decision by the Privatization Commission Board, pre-qualifying four parties for PPL and seven parties for participating in the further process of the privatization of 51pc equity stake in Pakistan State Oil (PSO).
“PPL is one of the largest exploration and production companies operating in various production and exploration concessions in the country,” analysts Hasnain Imam and Noman ul Haq at Arif Habib Securities noted in their Monday morning report.
The Privatization Commission had received 14 expressions of interest (EoI) for PPL. The parties submitted requests for statement of qualification (SOQs) included: BG Group, UK; BP Pakistan Exploration and Production, Inc, US; China National Oil and Gas Exploration (CNODC) and ZhenHua Oil Company Ltd, China; Centurion Energy International Inc, Canada; Dewan Salman Fibre Limited and Associates, Pakistan; International Sovereign Energy Corp, Canada; Kuwait Foreign Petroleum Exploration Company (KSC), Kuwait; MOL Hungarian Oil and Gas Plc, Hungry; OMV Exploration and Production, Austria; Orient Petroleum Inc, Pakistan; and Tysons Oil and Energy, UK.
Of them eleven were able to submit their request of statement of qualification. The PC board also conditionally pre-qualified two parties who have been asked to furnish the required details latest by August 30.
In case of Pakistan State Oil, the parties participating in the bid included: Kuwait Petroleum Corporation, Kuwait; Fauji Foundation, Pakistan; Abraaj Capital Limited, UAE; Consortium of Vitol S.A, Switzerland, and Hasan Associates, Pakistan; Lukoil International Trading and Supply Company, Russia; Dewan Mushtaq Group, Pakistan; Dawood Hercules Chemicals Limited, Pakistan; Attock Oil Group, Pakistan; Abu Dhabi Group, UAE; PAL Group of Companies, UAE; ATN Modarba (Pvt) Ltd, Pakistan; Al-Jomaih Holding Company, Saudi Arabia; Chevron Texaco, US; Al Ghurair Investment LLC and Associates, UAE; United Bank Limited, Pakistan; and Tysons Oil and Energy, UK.
The board considered the pre-qualification of potential bidders for the privatization PSO. The Privatization Commission had earlier received 15 EoIs and subsequently 11 parties had submitted their SOQs. The board considered the pre-qualification of seven parties who remained interested in the transaction and approved their qualification for their further participation in the privatization process, the analysts said.
