CCoP Defers Divestment Of Govt Shares In PPL, OGDC

The Cabinet Committee on Privatization (CCoP) on Friday deferred the divestment of government shares in Pakistan Petroleum Ltd (PPL) and Oil and Gas Development Company Ltd (OGDCL)

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st May, 2021 ) :The Cabinet Committee on Privatization (CCoP) on Friday deferred the divestment of government shares in Pakistan Petroleum Ltd (PPL) and Oil and Gas Development Company Ltd (OGDCL).

Summary titled 'Divestment of Government of Pakistan's shares in PPL and OGDCL' was presented by Petroleum Division to the CCoP, the meeting of which was chaired by Federal Minister for Finance and Revenue, Shaukat Tarin.

"The forum approved the proposal of the Ministry indicating that divestment of shares is not feasible at this stage and should be considered only once issues like circular debt are resolved, even partially; thereafter, strategic sale to a reputable Exploration & Development (E&P) company would be a preferred option," said press statement issued by the Finance Ministry.

Meanwhile, the Privatization Division tabled a summary, based on a recommendation of the Privatization Commission board, regarding provision of funds for hiring of a Financial Advisory Consortium (FAC), which was approved by the committee.

It desired to hire FAC of international repute having pertinent experience in the technical, financial, legal and regulatory fields to conduct the transaction of DISCOs and for carrying out an effective communication strategy effectively.

Among others, the meeting was participated by Federal Minister for Planning, Development and Special Initiatives, Asad Umar; Federal Minister for Energy, Muhammad Hammad Azhar; Federal Minister for Industries and Production, Makhdoom Khusro Bakhtyar; Federal Minister for Privatization, Muhammad Mian Soomro; Adviser to the PM on Institutional Reforms and Austerity, Dr. Ishrat Hussain; Adviser to the PM on Commerce, Abdul Razak Dawood; SAPM on Finance and Revenue, Dr. Waqar Masood; SAPM on Power and Petroleum, Tabish Gauhar, Federal Secretaries and other senior officers.