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Islamabad, September 5, 2002
Data Rooms for the due diligence of Pakistan State Oil (PSO) by the
pre-qualified parties has been opened at Karachi.
Privatisation Commission had earlier invited Expression of Interest (EOI) from
interested parties to participate in the privatisation process of PSO in March
and April this year. The Government of Pakistan intends to sell 51 % equity
stake in Pakistan State Oil (PSO), together with management control to a
qualified strategic buyer.
PSO is the largest oil marketing company (OMC) in Pakistan and is engaged in
the storage, distribution marketing of petroleum products, with more than 3800
retail outlets spread across the country. For the fiscal year ended June 2002,
PSO, generated sales revenue in excess of Rs. 182 billion (US $ 3. 1 billion).
PSO is the third largest publicly listed company in Pakistan by equity market
capitalization and a recipient of Karachi Stock Exchange Top 25 Companies
award for 17 consecutive years.
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.
To make the Privatisation Program successful and beneficial Government of
Pakistan is continuing its structural reform program for Oil & Gas sector
under a phased deregulation process that includes the formation of an
independent Oil & Gas Regulatory Authority.