TOTALFinaElf DELEGATION INDICATES INTEREST IN OGDCL
Islamabad, April 2, 2002
A delegation from TOTALFinaElf, France, led by Senior Vice President Far East,
Mr. Michel Seguin, expressed the company's interest in the Oil & Gas
Development Company Limited (OGDCL), during a meeting with the Federal
Minister for Privatisation, Mr. Altaf M. Saleem, here today.
The Minister ensured the delegation that the Government of Pakistan has
provided a level playing field and provided utmost transparency to parties
participating in the privatisation process. He also apprised the delegation as
to various steps taken by the Government to improve investment climate in
Pakistan. For instance, the institution of regulatory regimes for the telecom,
power and oil & gas industries has given a boost to privatisation activity in
Pakistan. Most targeted privatisation transactions have attracted potential
local and foreign business groups from all over the world, which is a
significant and positive development.
Mr. Seguin informed the Minister that TotalFinaElf, an oil & gas exploration
and production company, was already operating in Pakistan and had been awarded
two offshore petroleum concession agreements. He further stated that the
Company intended to expand its operations in Pakistan and to bring in fresh
investments in the petroleum sector.
The Minister thanked the delegation and reiterated the Government's resolve to
revive the economy and establish a culture of transparency.
