ISLAMABAD, Feb 3: President General Pervez Musharraf is likely to constitute an independent board for the selection of chairman Government Holdings Ltd - a $1.5 billion worth of public limited company.

Authentic sources told Dawn that intelligence agencies had given clear indications about the conflict of interest hovering around all four candidates interviewed by a committee led by the petroleum minister.

Other members of the committee included secretary and a joint secretary of Petroleum, chairman of Gas Regulatory Authority (GRA) and a joint secretary of the Establishment Division.

The president has sought a briefing from the petroleum minister, Usman Aminuddin, here on Monday before taking a final decision, the sources in the CE secretariat said.

The petroleum minister, Usman Aminuddin, and secretary petroleum M. Abdullah Yousaf, are at loggerheads over the selection of the chairman, Government Holdings Limited (GHL).

GHL, a state-run company, owns government shares in all the oil and gas fields and discoveries across the country, and has been set up to offload government shares in the petroleum sector.

Inside sources said that Shahid Ahmad, a former director-general, Petroleum Concessions, and Najam Kemal Haider, a senior executive in Oil and Gas Development Company (OGDC), were on priority number one and two, respectively, of the petroleum minister.

The two, though not directly accused, have to get clearance from the National Accountability Bureau (NAB) relating to certain cases that are still under investigation or prosecution.

A chief executive of private services and exploration company, according to these reports, was lobbying hard to have either of the two selected for the post. They added that the minister, the head of a private firm and these two candidates, were known friends for years.

Insiders say that a summary prepared by secretary petroleum to appoint Hilal Raza, director-general at Hydrocarbon Development Institute of Pakistan (HDIP), was blocked by the minister for his negative ranking as his leadership role as OGDC head a few years back.

The intelligence agencies also informed the chief executive secretariat that the fourth candidate Abdul Razaq, currently a member in the GHL, had close relationship with secretary petroleum. Both, M. Abdullah Yousaf and Abdul Razaq, worked together in London years back as chartered accountants, the sources pointed out.

Interestingly, the former chairman GHL was removed last year for an investigation lapse that came to light after his appointment.

He had, however, challenged the role of financial advisors appointed by the privatization commission before being relieved of his duties.

The very fact that all government shares amounting to around $1.5 billion in oil and gas fields are to be privatized through GHL, is in itself a big interest, said the sources.

The post of chairman GHL fell vacant in October last year and interviews for a new appointment were completed in early December last year.