The divorce of Govt Shares of OGDCL and PPL by CCoP is considered invalid

The Chairs of the Cabinet Committee on Privatization (CCoP) today are Shaukat Tarin, Federal Minister for Finance and Revenue.

The CCoP considered the overview of 'Processing of Government Shares in PPL' and OGDCL,' a summary proposed by the Secretary of Petroleum.

The forum accepted the ministerial recommendation, which showed that the divestment of the shares is not feasible at this time, and could only be contemplated when problems, such as the circular debt, are partially solved; the strategic selling will then be a preferred alternative for a respectable E&P firm.

The Privatization Division subsequently submitted a summary of a recommendation by the Privatization Committee Board for the provision of funds for the recruitment, technical, legal and regulatory transactions and an effective Communication Strategy for a Financial advisory Consortium of international repute.

The CCoP examined the report and agreed to it.

Asad Umar, the federal minister for energy, Muhammad Hammad Azhar, the Federal Minister of Industry and Production, Makhdum Khusro Bakhtyar, Muhammad Mian Soomro, the advisory minister of the Prime Minister (PM) on institutional reforms and austerity, Dr Ishrat Hussain, the consultant for the PM on the subject of planning and development and special projects.