Summary Selling some shares only, can't be called privatization, says Chairman Privatization Commission
ISLAMABAD: (Dunya News) – Chairman Privatization Commission Muhammad Zubair has said that Oil and Gas Development Company (OGDCL) is not being privatized. He said that government has nothing to hide about OGDCL. “All the matters are transparent, nothing is hidden”, he said. Muhammad Zubair said that OGDCL is not being privatized; only 10 percent shares of the company are being sold. He said that 35 percent of the shares have already been sold.
Clarifying government’s position on OGDCL’s privatization, Muhammad Zubair Umar said that the cabinet has allowed selling shares worth Rs. 322 million. Earlier, shares of United Bank Limited (UBL) and Pakistan Petroleum Limited (PPL) had also been sold, told Zubair. OGDCL shares are also being sold on the lines of PPL transaction. “Selling of shares will not have any effect on the positions of management and employees”, said Zubair Umar.
Chairman Privatization Commission said that selling of OGDCL shares is a normal transaction and has no international agenda whatsoever. “There are no plans to sell rest of the shares during current tenure”, said Zubair. He said that Pakistan has collaboration with International Monetary Fund (IMF) and IMF was given privatization schedule by Pakistan. IMF never gave any dictation to Pakistan, he said. Muhammad Zubair said that the government has paid 3.1 billion US dollars to IMF since taking over the country while IMF has provided 2.2 billion USD so far.
