BP assets transfer strategy: UEG top team in Karachi

United Energy Group (UEG) top delegation is now in Karachi to finalise a strategy for transfer of British Petroleum's assets in Pakistan to it. It will present the future plan of action in its maiden meeting with Petroleum Minister, Syed Naveed Qamar and other ministry officials on Saturday (today).
BP president in Pakistan Tariq Khamisani, confirmed to Business Recorder, arrival of UEG group's senior management to Karachi but did not divulge more details and agenda of today's meeting with petroleum minister Syed Naveed Qamar and his team. He said, "I can only confirm that UEG group is in Karachi for meeting with Petroleum Ministry's high-ups but can not add anything else to it at this point in time as meeting between UEG and Pakistani concerned authorities is yet to be held".
BP and UEG top guns had the first meeting for transfer of its assets in Pakistan's oil and gas sector. BP had struck a deal with UEG last month for sale of its assets in Pakistan for 4 775 million and now process for transfer of these assets is being initiated. BP's sale of assets in Pakistan is with reference to its worldwide campaign to raise fund to pay penalty for oil spell in Gulf of Mexico.
This incident had cost BP over 20 billion dollars for which this oil and gas giant has to sell off its assets in a number of countries including Pakistan. UEG's today's meeting with Petroleum Minister and his team in Karachi is of basic nature. It has to pass through different phases before taking possession of assets it purchased from BP last month.
BP too as per petroleum rules is required to fulfil all officials obligation including payment of outstanding all liabilities including payment of taxes to the concerned department before finalising its process for handing over possession of all sold out oil fields. It is also required to sent UEG to its partners in sold out field for offering them to use first pre-emption right to match UEG's offer for specific field.
Oil and Gas Development Company (OGDC), Govern-ment Holding (Pvt) Limited and Orient Petroleum Inc (OPI) are BP partners in different fields which it sold out to UEG for 775 million and to fulfil legal obligation, BP is required to send UEG's offer to these partners to let them use the first pre-emption right. Only BP's partners' decision not to use the first pre-emption right can lead transfer of sold out fields to UEG.