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Reliance for stake in Pakistan refinery
Thursday, 16 December 2004, 20:30 IST
ISLAMABAD: India's diversified Reliance Industries is among 29 bidders for a 51 percent strategic stake in Pakistan's largest refinery complex, the state-owned National Refinery Ltd (NRL).
Pakistan's Privatisation Commission in a statement said the response to the offer for submitting expressions of interest by Dec 13 was unprecedented.
"The participation in this transaction by 29 local and foreign investors reflects their confidence in the government's continued economic and privatisation policies," the statement said.
The government is offering 51 percent (33.99 million shares) strategic stake in NRL, which has a crude distillation capacity of 2.7 million tonnes per annum. The company enjoys a unique position in the market as the only lube base oils producer and the largest manufacturer of asphalts.
NRL was set up in 1966 as a lubes refinery. Since then, it has continuously expanded and upgraded its operations to include a fuel refinery, a second lube refinery and a petrochemical plant. The company's designed crude oil processing capacity is about 2.7 million tonnes per year with a broad range of petroleum products to cater to Pakistan's growing demand.
The company reported a net income of 
1.85 billion ($31 million) in fiscal 2003-04, a 37 percent increase over the previous year.
Among the companies that have submitted expressions of interest are Al-Ghurair Investment LLC and Associates of the UAE, Caltex Oil (Pakistan) Limited, Crescent Leasing Corporation Limited and Consortium, Lukoil International Trading and Supply Company Group, Pak Kuwait Investment Company Limited and Consortium, 24. Pak Oman Investment Company Limited and National Logistic Cell, Reliance Industries Limited and Shell Pakistan Limited.
The interested parties have been requested to submit their statements of qualification (SOQ) by Jan 17.
The Privatisation Commission has been directed to complete the SOQs by next month and strive to bring the transaction to bidding point by April-May 2005.
Source: IANS
1.85 billion ($31 million) in fiscal 2003-04, a 37 percent increase over the previous year.
Among the companies that have submitted expressions of interest are Al-Ghurair Investment LLC and Associates of the UAE, Caltex Oil (Pakistan) Limited, Crescent Leasing Corporation Limited and Consortium, Lukoil International Trading and Supply Company Group, Pak Kuwait Investment Company Limited and Consortium, 24. Pak Oman Investment Company Limited and National Logistic Cell, Reliance Industries Limited and Shell Pakistan Limited.
The interested parties have been requested to submit their statements of qualification (SOQ) by Jan 17.
The Privatisation Commission has been directed to complete the SOQs by next month and strive to bring the transaction to bidding point by April-May 2005.
Source: IANS