Issuance of OGDCL bonds: proposals received from 10 world financial institutions

Privatisation Commission (PC) has received proposals and estimates regarding issuance of OGDCL bonds from 10 big international financial institutions, which would be submitted to the Cabinet Committee on Privatisation (CCoP) next week.
The international financial institutions are: Citibank, J.P. Morgan, Nomura Investment Inc, UK, Barclays Bank, Morgan Stanley, Goldman Sachs, Credit Suisse, Merrill lynch and others, says a statement issued by the Privatisation Commission here on Monday.
The PC in this regard wanted to establish a Book rating consortium.
Through this consortium the PC would float OGDCL bonds worth US $500 million and in case of high demand additional US $100 million bonds would be considered, the statement said. It added that in this regard the Commission was in full contact with the management of the Ministry of Petroleum and Natural Resources and OGDCL.
The PC expressed the hope that after this bond initiative the activities of oil and gas exploration would further be accelerated, besides expanding the local stock market in the country. The PC has sent a summery to the Prime Minister in this regard.