SSGC refuses to give NOC for revival of Pakistan Steel Mills
Ibn-e-Ameer
Islamabad: Sui Southern Gas Company (SSGC) has refused to give a No Objection Certificate (NOC) to the government for the revival of Pakistan Steel Mills.
But K-Electric (KE) has given a NOC to the revival of Pakistan Steel Mills.
NOCs will help Pakistan Steel Mills to transfer utility connections to the established subsidiary to revive the mills.
According to the statement, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar chaired a consultative meeting on the revival of Steel Mills.
Federal Secretary of Industries and Privatisation including representatives of the HEC and Financial Advisors were present.
During the meeting, officials informed about the privatization status of two PSEs ie Pakistan Steel Mill Cooperation (PSMC) and Heavy Electrical Complex (HEC).
The privatization process of HEC is near completion.
Privatization Commission held a pre-bid conference and the bidding process will take place on 12th January 2022.
The pre-qualification bidding process of PSM is also in progress. The government was putting major focus to make utility connections available to the newly formed subsidiary of PSMC. It will help to execute a plan of the revival of Pakistan Steel Mills.
The NOCs are mandatory for seeking approval for the scheme of arrangement (SoA). The Industries ministry had taken up with utility companies & NEPRA for issuance of NOCs.
The objective was to remove hindrances in the process of privatization/revival of PSM in stipulated time.
Meanwhile, Minister Khusro Bakhtyar remarked that the main objective of the privatization of under-utilized public sector entities was to monetize their assets by enhancing investment opportunities.
Minister said that the private sector would fill space to bring investment and best global practices with them.
He hoped the private sector would also bring innovation and modern technology.
Subsequently, a change in the management mindset would create more efficient jobs thus increasing the efficiency of the system.
Federal Minister Mohammed Mian Soomro said that privatization is a key part to execute the economic development agenda of the government.
Moreover, he reiterated to complete the privatization of under-utilized PSEs in a transparent and efficient manner in line with global practices.