ISLAMABAD, Sept 20: The Privatization Commission has received nine Expressions of Interest (EoIs) from firms/consortium including investment banks having ample experience in privatization, restructuring and merger/acquisitions in the oil & gas sector for providing financial advisory services for the privatization of National Refinery Limited.

The government has decided to privatize National Refinery Limited by selling up to 51pc equity of NRL together with the transfer of the management control to a strategic investor.

NRL is a petroleum refining and petrochemical complex consisting of one fuel refinery; two lube refineries and a BTX (petrochemical) plant. It is located in Karachi. The company’s refineries have a combined processing capacity of 2,710,500 tons per annum of crude oil. During the last five years the plants have been operated at 87pc to 102pc of their crude processing capacity.

For the financial year ended June 30, 2003, NRL’s net sales were more than Rs36 billion and profit after tax was Rs1,352 million.

The company’s financial performance has improved consistently over the last seven years. The parties which have submitted EOIs have been asked to submit their Request for Proposal (RSOQ) latest by October 15, 2003.