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PSO pre-bid meeting today

February 19, 2003


KARACHI, Feb 18: The three top bidders for a 51-per cent stake in Pakistan State Oil (PSO) were to meet on Wednesday to finalize a sale date, the Privatization Commission said.

The sale of a controlling half of PSO, which controls 70 per cent of the domestic petroleum market, tops the government’s broader privatization agenda.

Two Middle Eastern outfits, the Kuwait Petroleum Company and Midrock of Saudi Arabia, and a local business group, Fauji Foundation, have emerged as top bidders.

“We have invited all three potential buyers to hold a meeting with the commission,” a commission spokesman told AFP. “The meeting is likely to come out with a final date for PSO’s privatization.”—AFP