ISLAMABAD – At least for time being but one of the profitable government owned companies – Oil and Gas Development Company Limited (OGDCL) – has called off from being sold in privatization.
The Ministry of Finance has confirmed that it was decided to delay the privatization of OGDCL following the lower than expected response from the buyers.
The decision was taken by the Privatization Committee and rectified by the ministry. Government was looking at the minimum margin of $ 800 million from this privatization of ten per cent shares with one share of worth Rs 216. Although it was not made public that what offers government received from the buyers but one source in Ministry of Finance described the bids as ‘lower than expected’.