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The Privatization Commission on March 21st 2001 signed the Financial Advisory Services Agreement with J P Morgan, for the privatization of Pakistan State Oil Company Limited (PSO). 

The Financial Advisors have been given a very aggressive timetable to bring the transaction to market in December 2001, with a maximum of two months cushion. PSO is the largest oil marketing company of Pakistan. It is engaged in the storage, distribution and marketing of petroleum products, petrochemicals, LPG and CNG.