The Privatisation Commission (PC) Board, which met under the chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here today, constituted two negotiation Committees for the appointment of Financial Advisory Consortia (FAC) and issuer’s Legal Counsel for the Exchangeable Bonds of Oil & Gas Development Company Limited (OGDCL). The PC board was informed that the recommendations of the Pre-Qualification Committee (PQC) constituted by the PC Board, jointly administered by the Privatisation Commission (PC) and the Finance Division including members from SECP, M/o PNR, OGDCL, headed by a PC board member, which has evaluated the RFP package during a presentations session by the interested parties (IPs) and evaluated the Technical and Financial Bids of the interested parties and pre-qualified two parties i.e. Citibank, JP Morgan, Credit Suisse, and BMA 2. Barclays Bank, Standard Chartered Bank, Merrill Lynch/ Bank of America, and KASB, and ranked Citibank, JP Morgan, ...

KARACHI: Oil and Gas Development Authority (OGDC) has posted a net profit of Rs 44.408 billion in nine months of 2008-09 and announced 20 percent final cash dividend for the shareholders. According to financial results of the company despatched to Karachi Stock Exchange here Thursday, the pre-tax profit soared to Rs 66.272 billion for the period ending March 2009. The earning per share (EPS) of the company also jumped to Rs 10.33 during the period under review, compared to Rs 8.44 in the same period last year. OGDC’s net sales have crossed Rs 100 billion mark during the nine months.

KARACHI: Oil and Gas Development Company Limited (OGDCL) floated a tender on Friday inviting private sector participation in the fast-track realisation of additional local LPG production of up to 500 metric tonnes per day from Kunnar Pasakhi Deep, Tando Allah Yar, and Sinjhoro fields. It is estimated that the additional local production of 500 metric tonnes per day will create 5,000 job opportunities, provide energy for half a million households not having access to natural gas grid, encourage investment in Pakistan and provide assurance and substantial revenues for OGDCL. The LPG Association of Pakistan (LPGAP) has strongly welcomed the initiation of the process to realise 500 metric tonnes per day of additional local LPG production in Pakistan on a fast-track basis.