PTI government mulls privatising the Oil and Gas Development Company Limited (OGDCL)
ISLAMABAD: PTI government mulls privatising the Oil and Gas Development Company Limited (OGDCL).
Federal government plan to sell out 10 percent shares of the Oil and Gas Development Company Limited (OGDCL) shares under the government’s privatization initiative. Ad
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.