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The Privatisation Commission has received nine Expression of Interest (EOI)
from firms/ consortiums including Investment Banks having ample experience in
privatisation, restructuring and merger/ acquisitions in the Oil & Gas sector
for providing Financial Advisory Services for the privatisation of National
Refinery Limited.
The Government has decided to privatise National Refinery Limited with a
proposal to sell up to 51 % equity of NRL together with the transfer of the
management control to a strategic investor.
NRL is a petroleum refining and petrochemical complex consisting of one
fuel refinery; two lube refineries and a BTX (petrochemical) plant. It is
located in Karachi. The company's refineries have a combined processing
capacity of 2,710,500 tonnes per annum of crude oil. During the last five
years the plants have been operated at 87 % to 102 % of their crude processing
capacity.
For the financial year ended June 30, 2003, NRL's net sales were more than Rs.
36 billion and profit after tax was Rs. 1,352 million. The company's
financial; performance has improved consistently over the last seven years.
The parties who have submitted EOIs have been asked to submit their Request
for Proposal (RSOQ) latest by October 15, 2003.