The representatives of two foreign firms interested in acquisition of government stake in Pakistan Petroleum Limited (PPL), one of the largest exploration and production companies in the public sector, have visited company's head office and its facilities/installations in the country recently to ascertain the value of its assets.
Recently, officials of two foreign firms ie OMV of Austria and MOL of Hungary, visited the PPL head office in Karachi, and held separate meetings with PPL Chief Executive Syed Munsif Raza and other high-ups to discuss matters relating to sell-off of the state-owned PPL, reliable sources told Business Recorder.
A high-powered team of OMV, it is learnt, has also visited Sui Field in Balochistan, while it is scheduled to go to Adhi Field, in Punjab, on September 26. Moreover, a four-member team of MOL visited Adhi Field on September 15, where the PPL officials briefed the team members on the production facilities/installations.
It is worth mentioning that OMV operates Kadanvari field at Khairpur in Sindh, while MOL is engaged in exploration activities in NWFP. Sources said that Chinese firms, which are already engaged in exploration-related activities in Pakistan, are also very keen in privatisation of PPL. A delegation of a Chinese firm, the China National Oil Company, is set to visit Adhi Field, Sui and other fields of PPL very soon to have an overview of its production facilities there.
They pointed out that purpose of such visits was asset evaluation, besides ascertaining facilities pertaining to Health Safety Environment (HSE) at the fields.
According to inside sources, the PPL employees are not in favour of Chinese companies and feel that their employment will be at stake if the Chinese succeed in acquiring government share in PPL.
According to sources, they believe that their future could be more secure and protected if MOL, OMV or any other foreign firm, other than Chinese firm, is their next boss. They fear that their Chinese bosses could make massive scale retrenchment after getting management control of the company.
The PPL is on top of the privatisation agenda of the Government of Pakistan. The Privatisation Commission (PC) in February this year had offered 51 percent shares of PPL for privatisation, with its management control, and sought expressions of interest (EoI) on 'as is as where is basis.'
Sources said the PPL has good exploration record and out of prospective exploration portfolio comprising 14 blocks, 8 are operated by it, while in remaining six, the operatorship lies with other joint venture partners.