Pakistani government divesting oil and gas interests

Published November 1st, 2000 - 02:00 GMT
Al Bawaba
Al Bawaba

With holdings in nine oil and gas fields throughout the country, Pakistan’s federal government is divesting all its interest in them, reported the Oil & Gas Journal.  


The consortium Gaffney, Cline, & Associates (GCA) and Jardine Fleming Group of the UK have signed an agreement to deal with the financial aspects of the transactions which include a comparative bidding process to take place within the next 16 weeks. 


The nine oil and gas fields are not wholly owner by the Pakistani government, whose ownership in the projects varies from 10-40 percent. All of the oil and gas fields are operated by four independent companies, Pakistan Oilfields Ltd., Union Texas Petroleum Corp., Pakistan Petroleum, and Orient Petroleum Inc., which are expected to make strong bids for the shares. 


A statement released last Tuesday by GCA and its partner stated, “While the package being offered represents an opportunity for existing participants in Pakistan’s upstream petroleum sector to increase their holdings, it is also an ideal opportunity for new players to enter.” 


Other companies which vied for the contract to provide the financial services include Merrill Lynch International and Price Waterhouse Coopers Group UK. –(Albawaba-MEBG) 


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