OGDCL resists on company privatization

Islamabad: The government’s plan to privatize Oil and Gas Development Company Ltd is said to be considered as a conspiracy against the county, according to the General Body Meeting of OGDCL’s Officer Association.

In the meeting the main agenda was said to be the firm’s privatization would be defended in the national interest.

Addressing the meeting, OGDCL Officers Association President Jahangaiz Khan said the company posted a profit-after-tax of Rs90.77 billion on net sales of Rs223.36bn during the last fiscal year, and paid Rs55bn in taxes to the national exchequer.

He further added that these circumstances are just a part of national conspiracy.
Speakers at the meeting said the government should only privatize the loss-making state-owned enterprises (SOEs), and not the firms with a balance sheet like the OGDCL’s.
It was highlighted that after the sale of 26 per cent shares of OGDCL the government was going to shift administrative company’s affairs in private hands.

Other office-bearers said that the present democratic government had prepared a plan to privatize all major SOEs, and termed it as neo-capitalism.