Pakistan Sets Final Date for Privatizing the State Oil Co.
Wednesday, February 19, 2003
April 26, 2003 is the date that has been set by Pakistan's Privatization Commission for bidding on the 51% stake of the state-owned oil company. "The government plans to privatise Pakistan State Oil Company Limited (PSO) as an integrated company by selling a 51 percent stake in the company to a qualified strategic buyer," a statement from the Commission said. Representatives of state-run Kuwait Petroleum Corp, the Saudi Arabian group MIDROC and a local business group, the Fauji Foundation, met officials of the commission in Islamabad on Wednesday to finalize the bidding date.
Officials have said that if a prolonged war breaks out in Iraq then the PSO's privatization could be delayed for a few months.