Privatisation Commission”s (PC) board is learnt to have agreed to seek final approval from the Cabinet Committee on Privatisation (CCoP) to withdraw its review petition in Pakistan Steel Mills” privatisation case, sources told Business Recorder on Thursday. Subsequent to the approval, the commission is considering to re-initiate PSM”s privatisation process.
Sources also said that the commission”s board was also briefed on Pakistan Telecommunication Limited”s (PTCL) privatisation. The Board discussed the issue of reconstituting a negotiation committee for the recovery of receivables and privatisation of power distribution companies.
Etisalat has not yet cleared its $800 million dues because of non transference of at least 115 properties, including public sector properties, which according to the terms of agreement, the government has to transfer to the company. Thus the government may not be able to receive Rs 74.4 billion estimated in the budget on account of PTCL in 2012-2013.
The official said that the $500 million estimated in the budget on account of exchangeable bonds of Oil and Gas Development Company Limited (OGDCL) might not be possible in the current fiscal year because of the current situation in the international market. Ghous Bux Khan Mahar, the Federal Minister for Privatisation, chaired the meeting of the Privatisation Commission”s Board held in Lahore, sources maintained.