ISLAMABAD, May 21: The Privatization Commission on Tuesday invited Expressions of Interest (EoIs) from potential bidders for disinvesting the government’s 26 per cent shareholding in Pakistan Oilfields Limited (POL) through a block sale process.

For acquiring a minimum lot of 26 per cent (approximately 21.35 million government of Pakistan owned shares), the prospective bidders have been asked to submit their EoIs latest by June 15, 2002, along with required non-refundable processing fee. Parties submitting EoIs, will be provided with Instructions to Bidders (ITB) and further information about the company.

POL is an oil and gas exploration and production company, which has currently five producing fields and four concessions that it operates on a joint venture basis, and another six in which it is a working interest owner.

POL also owns and operates a network of pipelines for transportation of crude oil to Attock Refinery Limited (ARL) in Rawalpindi. It has also maintained diversification through two subsidiaries — CAPGAS (Pvt) Ltd., which markets Liquefied Petroleum Gas (LPG) and Attock Chemicals (Pvt) Ltd., which produces sulphuric acid.

According to a PC announcement, the Privatisation Commission reserves the right to change the structure of the disinvestment methodology and quantum at any stage.