The Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting of the Cabinet Committee on Privatization (CCoP) today.
The CCoP considered a summary presented by the Secretary, Petroleum Division titled ‘Divestment of Government of Pakistan’s Shares in PPL and OGDCL’.
The forum approved the ministry’s proposal, indicating that divestment of shares is not feasible at this stage and should be considered only when issues like the circular debt are resolved even partially; thereafter, strategic sale to a reputable Exploration & Development (E&P) company would be a preferred option.
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The Privatization Division tabled a summary based on a recommendation by the Privatization Commission Board regarding the provision of funds for the hiring of a Financial Advisory Consortium (FAC) of international repute, having pertinent experience in the technical, financial, legal, and regulatory fields to conduct the transaction of the DISCOs and to carry out an effective communication strategy effectively.
The CCoP considered and approved the summary.
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The Federal Minister for Planning, Development and Special Initiatives Asad Umar, the Federal Minister for Energy, Muhammad Hammad Azhar, the Federal Minister for Industries and Production, Makhdum Khusro Bakhtyar, the Federal Minister for Privatization, Muhammad Mian Soomro, the Adviser to the Prime Minister (PM) on Institutional Reforms and Austerity, Dr. Ishrat Hussain, the Adviser to the PM on Commerce, Abdul Razak Dawood, the SAPM on Finance and Revenue, Dr. Waqar Masood, the SAPM on Power and Petroleum, Tabish Gauhar, the Federal Secretaries, and other senior officers attended the meeting.
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