ISLAMABAD, April 28: The Privatization Commission has sold 30 industrial/commercial organizations since January 1999 to date and realized a sale proceeds of approximately Rs39 billion, the National Assembly was informed in written reply on Monday.

Privatization Minister Dr Abdul Hafeez Shaikh in response to a question of Asif Tauseef said that all the transactions were finalized and possession handed over on payment of full sale price as prescribed in bidding instructions and sale agreements.

The transactions carried out include Punjab Vegetable Ghee, Duty Free Shops, National Tubewell Construction Company, Republic Motors, Dean’s Hotels, Burma Oil, LPG Business of SSGCL (Assets), Muslim Commercial Bank (14 million shares), National Bank of Pakistan (37.3 million shares), Government of Pakistan (GOP) Working Interest (WI) in Badin II, GOP WI Adhi, GOP WI in Dhurnal, GOP WI in Ratana, Pak Saudi Fertilizers Ltd 100 per cent, GOP WI in Badin I, GOP WI in Turkwal, E & M Oil Mills, Maqbool Company Ltd, Al Haroon Building, ICP Lot A, Bank Alflah, ICP Lot B, Pakistan Oil Fields shares, MCB (24 million shares) NBP (10 per cent 37 million shares), DG Khan Cement shares and Attock Refinery Ltd.

To another question, the minister said that the government was considering to privatize Oil and Gas Development Company (OGDC) to have new management, capital and technology, to improve the operational efficiency especially in relation to exploration and production of oil and gas in Pakistan.

The purpose also suggested to provide a vehicle for potential investors to invest in the oil and gas sector through their participation in the privatization process, to generate higher tax revenues as well as increased profits for the shareholders by enhancing the profitability of the entity and to create corporate governance culture and improve the performance of the company for the benefit of the sector and all the stakeholders.