Pakistan to Sell State Oil Assets
The road show for the privatization of country's largest oil company, Pakistan State Oil, is scheduled to be held during April and May, PSO Managing Director Tariq Kirmani said in a statement.
Financial advisers J.P. Morgan are finalizing the program for the road shows to be held in Europe, Middle East and Southeast Asia. The Privatization Commission has already invited companies to express their interest in bidding for a 51% government stake in PSO. The deadline to submit interest is April 10th, and bidding is expected to take place during the second half of 2002. PSO is Pakistan 's biggest oil company with a 70% share of the country's petroleum market, estimated at 18 million metric tons a year. It owns 3,750 retail outlets.