Divestment of govt share in Mari Petroleum: PC asked to come up with comprehensive proposal

ISLAMABAD: Finance Minister Shaukat Tarin Wednesday directed the Privatisation Commission and the Ministry of Petroleum to further examine the issue of divestment of government share in the Mari Petroleum Limited and come up with a comprehensive proposal during the next Cabinet Committee on Privatisation (CCoP) meeting.

The minister directed this during a meeting of the CCoP held to discuss divestment of government share Mari Petroleum Company Limited and privatisation of Services International Hotel.

The meeting was attended by Federal Minister for Privatisation Muhammad Mian Soomro, Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, Special Assistant to the Prime Minister on Petroleum Tabish Gauhar, Secretary Privatization Commission, Secretary Petroleum Division, Secretary Industries and Production, and other relevant officials. After detailed deliberation on the divestment of government shares in the Mari Petroleum Limited, the finance minister directed the Privatisation Commission and the Ministry of Petroleum to further examine the issue in light of discussion, and come up with a comprehensive proposal during the next CCoP meeting.

The meeting discussed the proposal for privatization of Services International Hotel and after thorough debate approved the revised reserve price subject to further approval by the federal cabinet.

The CCoP examined the proposal for removal of the Pakistan Engineering Company (PECO) from active privatisation list. The CCoP directed constitution of a committee consisting of representatives of the Privatisation Commission, the Law Division, the Establishment Division, the Industries and Production Division, the Finance Division, and the SECP to thoroughly analyse the case and come up with its proposals.

Copyright Business Recorder, 2021