ISLAMABAD, Aug 26: The board of Privatisation Commission on Tuesday accorded its formal approval to privatise OGDCL on a fast track basis through sale of its shares and strategic assets with management control, including Qadirpur Gas Field.

The board meeting, chaired by Minister for Finance and Privatisation Syed Naveed Qamar, asked the commission to direct the financial advisor of the Oil and Gas Development Company Limited to work out all details and options for the privatisation of OGDCL.The meting asked the officials of the PC to observe all steps strictly in accordance with the legal provisions to privatise the mighty OGDCL.

The meeting was informed that PC Board has decided to invite fresh expressions for privatisation of Jamshoro Power Company Limited (JPCL). The JPCL was established as a result of the unbundling of Water and Power Development Authority.

It was organised to take over all the properties, rights, assets, obligations and liabilities of Jamshoro, Kotri and Lakhra powr plants with a total capacity of 1204MW. The company was incorporated in August 1998 as a public limited company under Pakistan Companies Ordinance 1984.

The government intends to sell a majority 51 per cent interest in the JPC, including management control to a strategic investor or a consortium of strategic and financial investors. The government has decided to hold 49pc of the equity beyond privatisation.

Syed Naveed Qamar instructed the PC to seek assistance of board members to take immediate measures for settling the transfer of title of properties in the name of PTCL as already agreed between the government and the buyer to ensure expeditious release of tranche by the buyer to the government.

The government is expecting $266 million from the PTCL early next month to improve its declining foreign exchange reserves which now stood at less than $10bn compared to $16bn of Oct 2007.

The meeting was informed that the Privatisation Commission has finalised schedule for privatisation of public sector entities during September-October 2008, which include GDRs of Kot Addu Power Company for its listing in the international capital market in October 2008, concluding the privatisation process of SME Bank in September 2008 and to hold bidding for the privatisation of 90pc shares of Hazara Phosphate Fertilisers with management control, the Heavy Electrical Complex and the National Power Construction Company during September 2008.