CCoP omits ‘Mari Petroleum Company’ from privatization list

CCoP omits 'Mari Petroleum Company' from privatization list
CCoP omits 'Mari Petroleum Company' from privatization list

ISLAMABAD, Dec 31 (APP):The Cabinet Committee on Privatization (CCoP) Friday discussed the proposal for divestment of government of Pakistan’s shares in Mari Petroleum Company Limited and decided to omit Mari Petroleum Company Limited from the list of privatization.

The meeting was held here under the chairmanship of Federal Minister for Finance and Revenue Shaukat Tarin.

The CCoP discussed the proposal submitted by Privatization Division for debt recapitalization and refinancing of GoP excess equity and Pakistan Development Fund Limited (PDFL) loan through commercial borrowing of National Power Park Management Company Limited (NPPMCL).

The Committee approved the proposals that NPPMCL shall initiate debt recapitalization and refinancing process as per Companies Act, 2017 and all GoP stakeholders to jointly support the NPPMCL to implement and execute the process of debt recapitalization and refinancing from local banks. The meeting also directed to revisit the interest rate of K +1.80 % through competitive bidding.

The Cabinet Committee on Privatization also discussed the summary for the privatization of Guddu Power Plant & Nandipur Power Plant and directed Ministry of Energy for obtaining decision of CCoE for the privatization of above two power plants. Privatization Divisions and Ministry of Energy were further directed to prepare and share the roadmap for the valuation of the assets of these power plants and modus operandi for transfer of assets.

The CCoP discussed the summary for the privatization of SME Bank Limited and delisting of SME Bank Limited from Privatization Commission. The meeting, after detailed discussion, constituted a committee under the chairmanship of Finance Minister and representatives from SBP, SECP, Finance Division and Privatization Division to evaluate alternative options for proceeding further.

The meeting was attended by Federal Minister for Privatization Muhammad Mian Soomro, Minister for Energy Hammad Azhar, Secretary Finance Division, Secretary Privatization Commission, Secretary Petroleum Division and other relevant officers attended the meeting.