Pakistan Sets Final Date for Privatizing the State Oil Co.



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.