ISLAMABAD, May 24: The Privatization Commission (PC) is holding bidding for 51 per cent (33,985,788 shares) equity stake in National Refinery Limited (NRL), together with management control, to a qualified strategic investor on an “as-is-where-is” basis on May 31, 2005 at PC‘s Conference Room, Islamabad.

A handout issued here on Tuesday said that eleven pre-qualified parties had completed their due diligence in the data room. The prospective bidders have been asked to submit earnest money latest by May 27, 2005 to become eligible for bidding.

The pre-qualified parties include 1) Abraaj Green Consortium, 2) Al Ghurair Investments, 3) Attock Oil Group, 4) Crescent Steel and Allied Products and Shakarganj Mills Limited, 5) Fauji Foundation, 6) Gharibwal Cement Limited and Consortium, 7) Gul Ahmed Group, 8) KPC Holdings (Aruba) AEC, 9) Lukoil International trading and Supply Company, 10. Orient Petroleum Inc. and Consortium and 11) 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 the National Refinery Limited.

PC invited Expressions of Interest (EOIs) from interested parties on October 23, 2004 and received unprecedented response for the privatization of National Refinery Limited (NRL), which set a new record as 29 local and foreign investors sent EoIs.

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

National Refinery Limited 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 Korangi Industrial Area in Karachi.