Petroleum division opposes divestment of Mari’s shares

Aftab Ahmed

The Petroleum Division has opposed the divestment of 10% of Mari Petroleum Company Limited (MPCL) shares on Wednesday.

The government has already removed the cap on dividends for Mari Petroleum. As a result, the government will collect an appropriate amount in dividends. Therefore, the government does not need to sell Mari’s shares.

At present, the company has enough money for its exploration activities.

In addition, its subsidiary company is going into the business of mining. Therefore, the company has a lot of potential in the future.

Earlier, the Petroleum Division had opposed divestment of OGDCL’s shares due to low prices. The petroleum division has called for offering shares to strategic investors.

Federal Minister for Finance and Revenue Mr. Shaukat Tarin chaired a meeting of the Cabinet Committee on Privatization (CCoP) on Wednesday.

Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain attended a meeting.

Other participants included Special Assistant to the Prime Minister on Petroleum Tabish Gauhar, Secretary Privatization Commission, Secretary Petroleum Division, Secretary Industries, and Production, and other relevant officials who attended the meeting.

The proposal for the disposal of the Government of Pakistan’s shareholding in Mari Petroleum Company Limited came under discussion during a meeting.

Following a detailed discussion, the chair asked the Privatization Commission and the Ministry of Petroleum to further explore the matter in light of today’s discussion and provide full ideas at the next CCoP meeting.

Services International Hotel

The cabinet body on privatization also considered the proposal for the privatization of the Services International Hotel and, after a comprehensive debate, adopted the amended reserve price, subject to additional approval by the Federal Cabinet.

The Cabinet Committee on Privatization (CCoP) considered the motion to remove Pakistan Engineering Company (PECO) from the active privatization list.

The CCoP directed the formation of a committee comprised of representatives from the Privatization Commission, Law Division, Establishment Division, Industries, and Production Division, Finance Division, and SECP to thoroughly analyze the case and make recommendations on the issues raised during the meeting.