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The government is fully committed and very serious to bring Pakistan State
Oil (PSO) to the bidding point within the set target as we have received
encouraging response. Mr. Zahid Hamid Federal Minister for Privatisation &
Investment stated this during a meeting with a delegation of Kuwaiti Investors
group led by Mr. Hussain Al Shammaa Managing Director Bakri Energy Marketing
Systems who met him here today.
He informed Kuwaiti Group that the Data Room for the due diligence of PSO was
ready and would be made available to the parties soon after the completion of
pre-qualification process on the basis of the information received from the
parties through their Statements of Qualification.
The Minister said that Pakistan has liberal economic and pro-investors
policies and provided level playing field to all in a most fair, open and
transparent manner. The government's strong political will and commitment from
the top has yielded record results on the privatisation and investment fronts
during the last seven years of President General Pervez Musharraf's
government. Since 1991 to-date Pakistan has realized privatisation proceeds
worth US $ 7 billion out of which major portion of US $ 6 billion was received
during the last seven years, he said.
While briefing the delegation about the investment policy and achievements Mr.
Zahid Hamid stated that Pakistan provided conducive and very attractive
investment environment. All sectors of economy were open for investment and
investors were free to bring in and take out as much equity they desire, he
added.
He further informed that the consistency and continuity of the economic
reforms and policies has brought stability in the economy, which could be
evaluated from this fact that in 2000 the Foreign Direct Investment (FDI) was
only US $ 320 million and in June 2006 it touched the record figure of US $
3.5 billion and this upward trend was continuing in the first half of the
current fiscal year, which would set a new record.
The leader of the delegation of Kuwaiti Investors group Mr. Hussain Al Shammaa
Managing Director Bakri Energy Marketing Systems expressed his keen interest
in the privatisation of PSO and wished the Minister for successful completion
of the transaction. He hailed the leadership of President General Pervez
Musharraf and Prime Minister Shaukat Aziz, which he said, has brought economic
stability and success to Pakistan.
He informed the Minister that Bakri Energy Marketing Systems and Overseas Oil
Trading company jointly being the fastest among the new Oil Marketing
Companies (OMC) have 2.5 % market share and they were in the process of
establishing an oil depot at Machikay besides installing more than 100 outlets
in Pakistan in the first phase for which they have received necessary NOCs.
Mr. Hussain Al Shammaa also informed the Minister regarding the
operations of Bakri Energy Marketing Systems in Kenya, Saudi Arabia and
Singapore.