Fed govt mulls over plan to sell out 10 percent OGDCL shares

ISLAMABAD: Federal government on Thursday  mulled over plan to sell out 10 percent shares of the Oil and Gas Development Company Limited (OGDCL) shares under the government’s privatization initiative, ARY NEWS reported.

The decision was made during a meeting to mull over divestment plan of the OGDCL headed by Privatization Commission Chairman Muhammad Mian Soomro and attended by representatives from the company, privatization and petroleum ministry officials.

Soomro said that last year it was decided to sell out seven percent shares of the company. “The revenue earned from the selling out of the shares will benefit the country’s economy,” he said.

The meeting also discussed in detail regarding the current prices of OGDCL shares and impact of divestment on the company.

The proposal to sell out OGDCL shares under divestment initiative will be tabled before the federal cabinet meeting for approval.

The federal minister also met with the delegation of International Finance Corporation (IFC) and discussed over the privatization process of the state-owned entities.

The two sides discussed the the importance of privatization under the prime minister’s initiative for economic revival.

On 17 February, Muhammad Mian Soomro on Monday announced that they were moving towards the privatization of Balloki and Bahadur shah power plants located in the Punjab province by April this year.

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The federal minister said this while chairing a meeting on privatization of power plants. It was attended by top officials from the privatization and finance ministry departments.

The chairman announced that initially the 1223 MW Balloki power plant in Chunian and  a RLNG-based Bahadur Shah power plant in Haveli area would be privatized.

“The prime minister is apprised of the developments made regarding the privatization of the two plants,” he said.