January 24, 2006	Tuesday	Zilhaj 23, 1426

KARACHI, Jan 23: Pakistan’s top private power producer, Hub Power Company (Hubco), said on Monday it planned to bid for a 51 per cent stake in Sui Southern Gas Company Ltd (SSGC), when the state-run firm was privatized later this year.

SSGC is the country’s second-largest gas transmission and distribution company, with a franchise area covering Sindh and Balochistan.

“Hubco is pleased to announce that in line with its strategy of energy related investment in Pakistan, the company intends to participate in the privatization of Sui Southern Gas Co Ltd,” the company said in a statement to the Karachi Stock Exchange.

The government has invited expressions of interest for the sale of a 51 per cent stake, along with management control of SSGC, by March 4.

Hubco runs a 1,292-megawatt oil-fired power plant near Karachi. Its biggest shareholder is Britain’s International Power Plc, with a stake of 16.6 per cent.

The government also plans to sell a 51 per cent stake in Sui Northern Gas Pipelines Ltd, the country’s largest gas company, and has invited expressions of interest by Feb 11.—Reuters