Business Services Industry
PAKISTAN PETROLEUM LIMITED SELL-OFF DELAYED FOR TWO YEARS.
AsiaPulse News, June, 2002
ISLAMABAD, June 3 Asia Pulse - The Pakistan government has decided to put on hold the privatisation of Pakistan Petroleum Limited (PPL) for one or two years to give it time to benefit from the 140 per cent increase in gas prices.
Official sources told reporters that the proposal was put before the privatisation board by the ministry of petroleum. It stated that the company should be allowed to reap the benefits of dismantling of its gas purchase agreement (GPA) and three-year tariff rationalisation plan.
The tariff rationalisation plan was approved by the federal cabinet last year and first instalment of around 12 per cent increase was implemented with effect from March 1, 2001. The next round of gas tariff increase would take place on September 1, 2002, as...
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