Pakistan Petroleum is on track for IPO next year

By OGJ editors
HOUSTON, Nov. 5 -- An executive said everything is on track for an anticipated initial public offering of Pakistan Petroleum Ltd. (PPL) during the first half of 2004, adding that PPL has the potential to attract foreign investors.

PPL Managing Director and Chief Executive S. Munsif Raza said a privatization commission has hired Merrill Lynch & Co. Inc. as the financial advisor.

The government owns 93.5% of PPL, he said, adding that several companies have shown interest in buying PPL stock. International Finance Corp., the private-sector branch of the World Bank Group, currently owns 6.5% of PPL.

The privatization commission has indicated plan to sell 51% of PPL along with the transfer of management control to a strategic investor.