RSOQ FOR PSO NOW AVAILABLE
Islamabad, April 10, 2002
In early March of this year, the Privatisation Commission (PC) invited
Expression of Interest (EOI) from qualified strategic investors to sell a 51 %
equity stake in Pakistan State Oil (PSO), together with management control.
As of today, the PC is providing Request of Statement of Qualification (RSOQ)
documents to those parties who have submitted EOIs. Early submission of EOIs
will allow potential parties maximum time for completion of RSOQ requirements.
Final date for submission of RSOQ will be indicated subsequently.
PSO is the largest oil marketing company (OMC) in Pakistan and is engaged in
the storage, distribution marketing of petroleum products, with more than
3,750 retail outlets spread across the country. For the fiscal year ended June
2001, PSO generated sales volume of 12.6 million tons with revenue in excess
of Rs.169 billion (US $2.8 billion) and after tax profits of Rs.2.25 billion
(US $37.5 million). PSO is the third largest publicly listed company in
Pakistan (based on market capitalization) and has been a recipient of the
Karachi Stock Exchange Top 25 Companies Award for 17 consecutive years.
Preliminary information on PSO can be obtained from the following web sites:
www.privatisation.gov.pk and
www.psocl.com
Annual demand for petroleum products in Pakistan is approximately 18 million
tons. Currently, there are five oil marketing companies operating in Pakistan
with PSO commanding a substantial share of the market. The Government of
Pakistan is continuing its structural reform program for the sector under a
phased deregulation process that includes the formation of an independent Oil
& Gas Regulatory Authority.
