PSO, PARCO and Sui Gas privatization referred to center

ISLAMABAD: The decision to privatize major state-owned energy companies, including Pakistan State Oil (PSO), Pak Arab Refinery Company (PARCO), and Sui gas companies, has been deferred to the federal government, ARY News reported on Friday.

The Petroleum Division has submitted a summary to the Cabinet Committee regarding the privatization of PSO, PARCO, and Sui gas companies.

According to sources, the summary from the Petroleum Division suggests that the federal government should make the final decision regarding the privatization of these entities.

The summary highlights several complexities that need to be addressed in the privatization process.

One key issue raised is the impact on existing LNG deals if PSO is privatized. The summary emphasizes that the government needs to carefully consider the complexities of such a move.

Similarly, the privatization of PARCO involves consulting with the UAE, given that Pak Arab Refinery Limited is a joint venture between Pakistan and the United Arab Emirates.

The decision will also cover the privatization of Sui Northern and Sui Southern Gas Companies, Pakistan Mineral Development Corporation, and Saindak Metal Limited.

The federal government will deliberate on these matters to ensure that all aspects and potential complications are thoroughly examined before proceeding with privatization.