Govt Decides Against Privatizing Mari Petroleum Company : AsiaNet-Pakistan

Govt Decides Against Privatizing Mari Petroleum Company

December 31, 2021 | | Share:

The cabinet committee on privatization (CCoP) has decided to remove Mari Petroleum Company Limited from the list of privatization after a detailed deliberation on a proposal seeking divestment of the government’s shares in the firm.

Federal Minister for Finance and Revenue, Shaukat Tarin, chaired the committee meeting held on Friday. Federal Minister for Privatization, Muhammad Mian Soomro, Minister for Energy, Hammad Azhar, Secretary Finance Division, Secretary Privatization Commission, Secretary Petroleum Division, and other relevant officers attended the meeting.

CCoP also discussed the proposal submitted by the Privatization Division for debt recapitalization and refinancing of the Government of Pakistan excess equity and Pakistan Development Fund Limited (PDFL) loan through commercial borrowing of the National Power Park Management Company Limited (NPPMCL).

The committee approved the proposals that NPPMCL should initiate debt recapitalization and refinancing process from local banks as per the Companies Act, 2017, while all the stakeholders should jointly support NPPMCL in executing the process. It directed revisiting the interest rate of K +1.80 % through competitive bidding.

Discussing a summary on privatization of Guddu Power Plant & Nandipur Power Plant, the committee directed the Ministry of Energy to obtain the CCoE decision about the privatization of the two power plants. It was further directed that a roadmap for the valuation of the assets of these power plants and a modus operandi for transfer of assets should be prepared and shared.

After deliberating on a summary seeking the privatization of SME Bank Limited and delisting it from Privatization Commission, the meeting constituted a committee under the chairmanship of Finance Minister and representatives from SBP, Securities and Exchange Commission of Pakitan, Finance Division, and Privatization Division to evaluate alternative options for proceeding further.

Source: Pro Pakistani

Category: Business