PC to decide fate of Attock Oil Group's bid for Pakistan State Oil

ISLAMABAD — Pakistan's Privatisation Commission Board would hold another meeting to see if Attock Oil Group could be allowed to bid for Pakistan State Oil (PSO) without due diligence under an interim order of the Sindh High Court.



By A Correspondent

Published: Wed 4 Apr 2007, 8:26 AM

Last updated: Sat 4 Apr 2015, 9:00 PM

This was decided yesterday at a meeting of the Board which was presided over by Minister for Privatisation and Investment Zahid Hamid.

However, the names of seven prequalified parties were released who had completed the first phase of the due diligence on Friday last. Technically, due diligence is a must for a company to take part in the bidding.

The Minister for Privatisation and Investment Zahid Hamid when contacted said the board reviewed the privatisation status of the Pakistan State Oil and a list of seven consortium has been released that would take part in the bidding.

Asked about the Attock Group's exclusion from the bidding and related order of the Sindh High Court of Friday that allowed the company to be part of the bidding, the minister said the privatization commission's transaction committee on PSO was required to submit its recommendations on the subject and hence it would not be proper to comment on the subject. He said the board meeting has reconvened on April 4 to look into the recommendations of the transaction committee. Responding to another question, he said bidding for PSO had tentatively fixed for May.

The names of these parties along with their proposed consortium members are (I) Al Jamaih Holding Company Consortium including Noor Investment Company and Fauji Foundation, (2) Dabbagh Holding Company Limited Consortium including Savola Group and Goldman Sachs (3) Bakri Energy Company Consortium with Salsal Petroleum (4) Kohinoor Textile Mills Consortium including Oman Oil Marketing Company, (5) MCB Bank Limited Consortium with Petronas Intl. Ltd. (6) TransAsia Gas Intl and Vitol S.A.


More news from Business