12 firms to bid for stake in Pakistan state oil

18 Jan 2007

1

Twelve foreign and local companies and banks have been shortlisted to bid for the management control of Pakistan State Oil (PSO) at the bidding process, which is expected to take place in March-April 2007, though no dates have been announced.

PSO holds around 65 per cent share in the country's fuel market.

Pakistan's 'privatisation commission' yesterday said that it would invite bids for a 51-per cent stake and management control in the PSO, Pakistan's biggest oil marketing company.

The Privatisation Commission has already sold 26 per cent shares in Pakistan Telecommunications Company to a Dubai-based company. However, the Pakistan Supreme Court had stayed the sale of the country's biggest steel mills last year.

The privatisation of major government run companies has been a major component of the government's economic policy to boost investment in the Pakistan.

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