The Cabinet Committee on Privatization (CCoP) on Friday deferred the divestment of government shares in Pakistan Petroleum Ltd (PPL) and Oil and Gas Development Company Ltd (OGDCL).
Summary titled ‘Divestment of Government of Pakistan’s shares in PPL and OGDCL’ was presented by the Petroleum Division to the CCoP, the meeting of which was chaired by Federal Minister for Finance and Revenue, Shaukat Tarin. “The forum approved the proposal of the Ministry indicating that divestment of shares is not feasible at this stage and should be considered only once issues like circular debt are resolved, even partially; thereafter, strategic sale to a reputable Exploration & Development (E&P) company would be a preferred option,” said press statement issued by the Finance Ministry. Meanwhile, the Privatization Division tabled a summary, based on a recommendation of the Privatization Commission Board, regarding provision of funds for hiring of a Financial Advisory Consortium (FAC), which was approved by the committee.