Petroleum division seeks privatisation of two of its entities

ISLAMABAD: The Petroleum Division has taken steps to implement the federal cabinet’s decision on the privatization of two of its entities by sending a letter to the Privatization Commission, ARY News reported on Monday, citing sources.

The letter includes a request to add the Pakistan Mineral Development Corporation and Sandak Metal Limited to the privatisation list, sources confirmed.

The federal cabinet had previously approved the privatization of these two entities under the Petroleum Division, sources revealed.

However, the federal government has not yet made a decision regarding the future of other entities within the Petroleum Division, including Pakistan State Oil (PSO), Pak Arab Refinery Company (PARCO), and the Sui Gas companies, sources said.

The petroleum division has made the privatization of these additional entities conditional upon the approval of the federal government.

It is noted that Pak Arab Refinery Limited (PARCO) is a joint venture between Pakistan and the UAE, according to government sources.

The final decision on the privatization of PSO, Sui Northern, and Sui Southern Gas companies will be made by the government, sources added.

Last month, Pakistan government ‘okayed’ 5-year privatisation program, sources said.

As per details, the decision was taken by the federal cabinet in a meeting in Islamabad, the sources said and added that the five-year privatisation program would be completed in three phases.