Privatization Commission to surrender 32 crore OGDCL shares after 10 years

ISLAMABAD, July 30: The Privatization Commission has announced its decision to surrender 32 crore shares of Oil & Gas Development Company Limited (OGDCL) after a decade. This move comes following a key meeting of the Cabinet Committee on Privatization held on August 2, where major decisions were made.
The committee has directed that OGDCL shares, previously under the Privatization Commission for sale, be transferred to the Petroleum Division. This decision is in response to the inactivity of the sovereign wealth fund and changes in its scope and powers due to IMF objections.
In addition to this transfer, the Cabinet Committee is set to approve the privatization program for the current financial year and is expected to sanction a budget of 8 billion rupees for the Privatization Commission.
The Privatization Commission has reported a profit of Rs 35 billion from the sale of OGDCL shares, with Rs 21 billion already transferred to the Ministry of Finance and Rs 14 billion remaining with the Commission.