CHINA EXPRESSES INTEREST IN PSO AND OGDCL
Islamabad, April 9, 2002
A 12-member high-level delegation from the Peoples Republic of China, led by
Mr. Yang Zhen, Vice President of China National Oil & Gas Exploration
Development Corporation (CNODC), is visiting Pakistan to evaluate prospective
opportunities for investment in the oil & gas sector. The delegation met with
the Secretary Privatisation Commission (PC), Mr. Ahmad Waqar, here today.
Briefing the delegation about the opportunities in the Pakistan's
Privatisation Program, Mr. Waqar, highlighted the transaction relating to the
divestment of Government working interest in nine oil & gas fields. He stated
that the enthusiastic response in this transaction, wherein 18 quality
national and international oil & gas companies had expressed interest, was
indicative of the fact that attractive prospects for investment in Pakistan
were present. Expressions of Interest (EOI) for the premier exploration and
production company i.e. Oil & Gas Development Company Limited (OGDCL) are
expected to be invited shortly. EOIs for a leading State run profitable
marketing company i.e. Pakistan State Oil (PSO) have already been invited and
privatisation is expected to be completed by the third quarter of 2002.
Mr. Waqar further stated that a number of multinational exploration &
production companies were active in Pakistan. The combination of potentially
significant growth in energy demand, continued deregulation and recent
discovery of large gas reserves has made Pakistan investment friendly for
exploration & production companies.
The Secretary further emphasized the wish of the Government of Pakistan to
transform and accelerate existing strong bonds of friendship into further
strengthening of business relations.
Mr. Zhen remarked that Chinese investors are eager to invest and cooperate in
the development of Pakistan. The members of the delegation expressed keen
interest in Pakistan's Privatisation Program, especially PSO and OGDCL.
The Chinese delegation included experts from upstream, downstream and
marketing areas of the oil & gas sector.
