CCoP expels Mari Petroleum from the list of privatization

The minister for finance and revenue Shaukat Tareen presided over the meeting of the cabinet committee on privatization wherein the strategies for divesting the shares that the government holds over Mari Petroleum Company limited (MPCL) were discussed in detail. It was decided after a careful consideration that MPCL will be excluded for the list of privatization.

A proposal was submitted by the Privatization Division for debt recapitalization and refinancing of government excess equity and the PDFL loan through commercial borrowing of the National Power Park Management Company Limited (NPPMCL), which was discussed in detail by the committee in the meeting. It was decided that the recapitalization of debt and the process of refinancing will be initiated by the NPPMCL in accordance with the Companies Act 2017 and all the government stakeholders will concertedly cooperate and support the NPPMCL in this regard.

Guddu and Nandipur power plants privatization process was also under observation of the CCoP. The summary was discussed in the meeting and the Ministry of energy was directed to obtain the final result for the privatization of the plants which was decided by the committee. The Ministry of energy was also asked to develop and share a plan for the valuation of assets of these power plants and the mode of transfer for these assets.

Omitting SME bank from the list of privatization was also discussed by the committee in the meeting and a panel was establishes under the leadership of the finance minister including representatives from the SBP, SECP and the privatization division to construct further options for the process.

Federal Minister for Privatisation Muhammadmian Soomro, Minister for Energy Hammad Azhar, secretary Finance Division, secretary Privatisation Commission, and secretary Petroleum Division were a part of the meeting.