The Privatisation Commission has received approximately a dozen applications from consortium of banks, financial institutions and brokerage houses to act as lead manager, helping government sell Pakistan Petroleum Limited shares through stock market.
Sources close to the capital market said nearly a dozen expressions of interest (EoIs) have been received to advise the Privatisation Commission to sell 10 percent shares, including green shoe option through the stock market, adding the official figures from the PC are expected to be available on Wednesday that how many expression of interest has been received to become a lead manager for the Pakistan Petroleum Limited (PPL).
The government plans to sell 34 million shares or 5 percent with a green shoe option of another 34 million shares, they said, adding the price has not yet fixed, but would be revealed when the lead manager is appointed and evaluation of PPL shares would be completed.
Sources said the Commission is actively working on all three issues - Pakistan International Airlines, Pakistan Petroleum Limited, and Kot Addu Power plant. "Any transaction completed would soon be offered to general public", they added.
The government owns 93.5 percent stake in the PPL, said the sources, adding the company's profit before-tax was Rs 4.839 billion in the year ended June 30, 2003 as compared with Rs 2.382 billion of the preceding year, while the profit after-tax was Rs 4.190 billion up from Rs 1.819 billion.
The profit was up because during the financial year, the company purchased a gas purification plant from the SSGC, high international oil prices, new Sui and Kandhkot gas price agreement, operational efficiencies and production from new reservoirs and recoveries.
The company paid approximately Rs 11.4 billion to the government in the financial year ended June 30, 2003 in shape of taxes, royalties, excise duty, sales tax and workers welfare fund, they said.
During the last fiscal year following significant events took place:
(i) Its gross sales revenues rose by 40 percent from Rs 14.460 billion in 2001-02 to Rs 20.239 billion in 2002-03.
There was a steep rise in the level of capital expenditure from Rs 1.391 billion in 2001-02 to Rs 4.422 billion in 2002-03, due mainly to acquisition of Sui Gas Purification Plant in July 2002 and the development of Sawan and Mazarani gas fields.
(ii) The PPL has been the largest producer of natural gas in Pakistan since 1952 with present contribution hovering around 35 percent of the country's total natural gas production.
It has always played a pivotal role in the country's oil and gas sector, and it has been actively involved in augmentation of indigenous hydrocarbon resources resulting in substantial savings of foreign exchange for the country.
(iii) The Company's share of production of natural gas from its operated and non-operated fields, and production of liquefied petroleum gas and natural gas liquids for the financial year 2002-03 in terms of energy was equivalent to 162,000 barrels of crude oil per day, according to the last year's annual report.
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