Islamabad: The Privatisation Commission on Thursday announced its decision to divest up to 10% of the government-owned shares in the Oil and Gas Development Company Limited (OGDCL) – a news source reported. As per the publication, the commission will table the proposal to Cabinet Committee on Privatisation for approval.
The meeting was chaired by Minister for Privatisation Muhamad Mian Soomro. The divestment, reportedly, is meant to be used for the purpose of retiring the national debt. It will also provide an opportunity to investors to make an entry into the profit-making public sector enterprise. The session also discussed the share price trend of the OGDCL in the capital market.
Additionally, the strategic sale of the OGDCL shares was
considered. It was decided that the better option would be to offer up the
shares to international reputable exploration and production companies.
On the occasion, the minister vowed to maintain transparency
in the privatisation process; adding that was the priority of the government to
speed up the process.
