KARACHI, July 28: Sui Southern Gas Company on Thursday took over the management of Petroleum Refining and Petrochemical Corporation (Perac) at a simple signing ceremony held at the SSGC head office here. The ceremony was attended by SSGC Managing Director Munawar Baseer Ahmad, outgoing Perac Chairman M. Qaiser Jamal and senior officials of the two companies.

Following the privatization of National Refinery Ltd on July 7, the government decided to transfer the management of Perac to SSGC. Munawar Baseer will assume the additional charge of chairman of Perac. In his brief remarks, the outgoing Perac chairman recounted company’s role since its inception in 1974, under the Economic Reforms Order of 1972.

In the beginning, Perac was under the administrative control of the ministry of industries and production but was later transferred to the ministry of petroleum and natural resources. Mr Jamal recalled how Perac developed NRL into the country’s largest refining and petrochemical complex after nationalization and said that a productive working relationship still existed between PRD and NRL.

He also referred to Perac’s contribution in the creation and development of other business units, such as ENAR Petrotech Services, Pak Hy-Oils Ltd, National Petrocarbon Ltd and Petroman. Starting in 1995, all of these units have been privatized. Munawar Baseer stated that modalities of managing Perac and PRD were being reviewed and would be finalized soon. He said directors representing SSGC would be nominated on the board of Perac.—APP