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Islamabad, May 21, 2002
Privatisation Commission (PC) has invited Expression of Interest from potential bidders for the divestment of its equity stake of at least 26% in Pakistan Oilfields Limited (POL) through a block sale process to interested parties.
POL is an oil & gas exploration and production company, which currently owns five producing fields, operates through a joint venture four concessions and maintains working interest in another six. POL also owns and operates a network of pipelines for transportation of crude oil to Attock Refinery Limited in Rawalpindi. POL has also maintained diversification through two subsidiaries namely CAPGAS (Private) Limited which markets LPG and Attock Chemicals (Private) Limited which produces Sulfuric Acid.
For acquiring a minimum lot of 26 % (approximately 21.35 million GoP owned shares) the prospective bidders have been asked to submit their EOIs latest by June 15, 2002, along with the required non refundable processing fee. Parties submitting EOIs will be provided with the Instructions to Bidders (ITB) and further information on the Company. The Privatisation Commission reserves the right to change the structure of the divestment methodology and quantum at any stage.