ECC to allow Mari Petroleum removing dividend’s cap

Aftab Ahmed

The Petroleum division has assured stakeholders of moving a summary to the economic coordination committee (ECC) allowing Mari Petroleum to remove the cap for dividend distribution.

Special Assistant to Prime Minister on Petroleum Nadeem Babar informed the meeting that the petroleum division would place a draft summary before the economic coordination committee (ECC) of the cabinet to remove the cap for distribution of dividend by Mari Petroleum in next fortnight.

He said that the petroleum division would seek approval of the minister for energy Omer Ayub before drafting a summary before the cabinet’s economic coordination committee.

Babar informed this during a meeting privatization commission held on the divestment of government of Pakistan residual shares in Mari Petroleum Co.Ltd (MPCL).

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Minister for privatization chaired a meeting whereas officials of petroleum and representatives of Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum attended it.

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During the meeting, officials informed the joint venture partners-OGDC. Mari Petroleum had agreed to bear the cost of procuring an audit certificate for an independent and fair assessment of the share value by the company’s auditor.

They further informed that partners would bear the cost in line with their respective shareholdings.

The government advised the Mari petroleum management to undertake the preliminary work for engagement of its auditors and share the correspondence terms of reference (ToRs) with JV partners to seek their input if any.