ISLAMABAD, July 8: The Privatization Commission has received $158 million on account of disinvesting five oilfields, and formally handed them over here on Monday to the buyers.

Out of 7 oilfields, which have been privatized, the oilfields for which the amount received are: Badin 1, Badin 11, Turkwal, Dhurnal and Ratana.

According to an official of the Privatization Commission, payment for the remaining two oilfields was in the process and would shortly reach in the kitty.

Minister for Privatization, Altaf M. Saleem presided over the handing over ceremony, which was also attended by the representatives of various successful bidders and other senior officials of the Privatization Commission.

The PC had received bids amounting to $188.25 million from the highest bidders for disinvesting the government’s working interests in nine oil and gas concession after a competitive bidding process in April this year. These concessions were Badin 1, Badin 11, Dhurnal, Ratana, Adhi, Turkwal, Minwal, Mazarani and Pariwali. The government approved the highest bids amounting to $187.891 million for its working interests in Badin 1, Badin 11, Dhurnal, Ratana, Adhi, Turkwal and Pariwali.

According to PC announcement, the disinvestment of the working interests is the first major transaction in oil and gas sector and its successful conclusion provides strong impetus to the government’s investment and its privatization programme in the sector.

The privatization of oil and gas entities in Pakistan offers tremendous opportunities for potential investors. The government is firmly committed to the deregulation and privatization of the oil and gas sector in Pakistan. In this regard it has embarked upon the sector reforms, which includes the establishment of requisite legislative and regulatory framework, tariff rationalization and deregulation wherever possible. The privatization process for the strategic sale of major entities such as PSO and OGDCL, is at advanced stage and expected to be completed later this year.