Pakistani president approves privatization of state distribution company

Jan. 28, 2002

Pakistan President Pervez Musharraf Saturday approved the privatization of the country's largest oil distribution company, Pakistan State Oil, said the Pakistan privatization commission.

By an OGJ Online Correspondent

KARACHI, Jan. 28 -- Pakistan President Pervez Musharraf Saturday approved the privatization of the country's largest oil distribution company, Pakistan State Oil, said the Pakistan privatization commission.

The company has a domestic market share of more than 70%. It has assets worth 30 billion rupees ($500 million). For the year to June 2001, it booked a profit of 2.2 billion rupees.

The government said stakes will be offered to prospective investors after next month in a manner that ensures national interests are protected.

Petroleum Minister Usman Aminuddin first will issue a policy statement for the country's downstream oil industry.