Mari Petroleum removed from privatization list – Journal

ISLAMABAD: Postponing plans to sell the government’s stake, the Cabinet Committee on Privatization (CCoP) on Friday withdrew Mari Petroleum Company Ltd from the ongoing privatization program.

A committee meeting, chaired by Minister of Finance Shaukat Tarin, also discussed the proposal submitted by the Privatization Division for debt recapitalization and refinancing of excess GoP equity and loan from Pakistan Development Fund Ltd. (PDFL) through commercial loans from National Power Park Management Company Ltd. (NPPMCL).

The committee approved the proposals that the NPPMCL will initiate a process of recapitalization and debt refinancing in accordance with the Companies Act 2017 and all GoP stakeholders to jointly support the NPPMCL in the implementation and execution of the debt recapitalization and refinancing process with local banks. The meeting also ordered to revise Kibor’s interest rate plus 1.80 percent by tender.

The meeting also discussed a summary proposed by the Ministry of Energy for the privatization of the power plants of Guddu and Nandipur and aimed at preparing a roadmap for the valuation of assets and the modus operandi for the transfer of power. ‘assets.

The CCoP discussed the delisting of SME Bank Ltd from the active privatization program. The meeting, after detailed discussion, formed a committee chaired by the Minister of Finance and representatives from SBP, SECP, Finance Division and Privatization Division to assess alternative options for going further.

Minister of Privatization Muhammadmian Soomro, Minister of Energy Hammad Azhar, Secretary of Finance Division, Secretary of Privatization Commission, Secretary of Petroleum Division and others attended the meeting.

Posted in Dawn, January 1, 2022

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