Mohammad Arshad Islamabad
The Cabinet Committee on Privatization (CCoP), Friday, deferred the Divestment of Government of Pakistan’s shares in PPL and OGDCL till the resolution of issues like circular debt.
CCoP met here with Finance Minister Shaukat Tarin here and considered a summary presented by the Secretary, Petroleum Division titled Divestment of Government of Pakistan’s shares in PPL and OGDCL.
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.
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) 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. The Committee considered and approved the summary.