Attock makes high bid for Karachi refinery

Saudi Arabia's Attock Oil Group offered the high bid of $275 million to acquire a 51% share interest and ownership of Pakistan's National Refinery Ltd. (NRL), which operates a 62,000 b/cd refinery in Karachi.

June 2, 2005

By an OGJ correspondent

KARACHI, June 2 -- Saudi Arabia's Attock Oil Group offered the high bid of $275 million to acquire a 51% share interest and ownership of Pakistan's National Refinery Ltd. (NRL), which operates a 62,000 b/cd refinery in Karachi.

The offer, amounting to about $8/share for a company whose stock recently has traded at $5.75/share, was declared successful by Pakistan Privatization and Investment Minister Abdul Hafeez Sheikh.

NRL's complex includes the refinery and an aromatics plant.