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In order to respond to the queries of the pre-qualified potential bidders,
who have already completed due diligence of Pakistan Stat Oil Company Limited
(PSO) transaction a pre-bid meeting is schedule on Wednesday at Islamabad on
June 20, 2007 under the chairmanship of Mr. Zahid Hamid Federal Minister for
Privatisation & Investment. The authorized representatives of the parties will
participate. The Privatisation Commission (“PC”), on behalf of the GOP,
intends to sell a 51% equity stake in PSO, together with management control,
to a qualified strategic investor. JPMorgan is advising the PC on the sale.
PSO is the largest oil marketing company (“OMC”) in Pakistan and is engaged in
the storage, distribution and marketing of petroleum products, Liquid
Petroleum Gas, Compressed Natural Gas and petrochemicals. As of 30 June 2004,
PSO has more than 3,800 retail outlets spread across the country with over 60%
market share in POL products sold. PSO’s total storage capacity of
approximately 860,000 metric tones accounts for 81% of total national storage.
PSO serves a broad customer base throughout the country including the retail
and industrial, aviation, marine and Government/Armed Forces sectors.