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Islamabad, February 19, 2003
The Second Discussion Forum with the pre-qualified bidders of Pakistan State
Oil Company Limited (PSOCL) was held here today to accelerate the
privatization process of the company. The representatives of the potential
bidders, officials of the Privatisation Commission, Finance Division, Ministry
of Petroleum and Natural Resources, Pakistan State Oil Company Limited and the
Financial Advisor JP Morgan attended the meeting.
The discussions focused on the terms and condition of the sale, finalisation
of bid documents and the targeted bidding date with a view to achieving
closure of the transaction at the earliest. The bidding is envisaged on 26th
April 2003 after resolving certain outstanding issues. The potential bidders
have completed their site visits and carried out their detailed due diligence.
The Government plans to privatize Pakistan State Oil Company Limited (PSO) as
an integrated company by selling a 51% stake in the Company to a qualified
strategic buyer.