ISLAMABAD, Nov 7 (Reuters) - The Pakistani government said on Friday it would privatise 37 percent of the state's stake in the Qadirpur gas field to accelerate exploration and increase production.
The state-owned Oil and Gas Development Company Ltd. (OGDC.KA: Quote, Profile, Research, Stock Buzz), Pakistan's largest listed company, owns 75 percent of the gas field, while the remaining 25 percent is held by foreign companies.
"We have decided to sell 37 percent of OGDCL's shares in the Qadirpur gas field," Privatisation Minister Naveed Qamar told a news conference after a meeting of the cabinet committee on privatisation, chaired by Prime Minister Yousaf Raza Gilani.
Qamar did not give a deadline for the sale but said authorities would try to complete it in the 2008/09 financial year (July-June).
Qadirpur gas field is 8 km (5 miles) from Ghotki town in Sindh Province. It was discovered in March 1990 and production started in September 1995.
Workers have been agitating against any move to sell the gas field but Qamar said jobs would be protected.
According to the Karachi Stock Exchange Web site, OGDCL has an index weighting of 16.26 percent and a market capitalisation of $5 billion.
It also holds the largest share of the country's recoverable hydrocarbon reserves; 32 percent of gas and 37 percent of oil.
The cabinet committee had considered the options of privatising OGDCL itself or selling some of its shares but decided against both options, given depressed world financial markets, Qamar said.
An official of the Privatisation Commission, which oversees the sale of government assets, said the foreign listing of Kot Addu Power Co, planned for October, had also been delayed because of market conditions. (Reporting by Augustine Anthony; Writing by Robert Birsel)
Source: http://www.reuters.com/article/rbssEnergyNews/idUSISL38447320081107
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