Privatization of Pakistan Oil Scheduled for October

The Privatization Commission Board has decided to hold bidding for Pakistan's top listed blue chip petroleum distribution company, Pakistan State Oil, in October 2003. The government would like to sell approximately half of its 51.8 percent stake in the company. Market analysts estimate that this will bring in around $500 - $800 million. Three bidders have already been short-listed, Kuwait Petroleum Corp., MIDROC from Saudi Arabia and Fauji Foundation from Pakistan.

Pakistan State Oil accounts for 70 percent of the country's petroleum product marketing. The sale was scheduled to take place in April, however, it was postponed due to the war in Iraq.