ISLAMABAD – The National Assembly Standing Committee on Privatisation was informed on Thursday that the government could generate $3 billion through the launch of convertible bonds for the three state owned oil and gas entities of OGDCL, PPL and PSO.
The Minister for Privatization Waqar Ahmad Khan informed this while briefing the National Assembly Standing Committee on Privatisation, chaired by Khawaja Sohail Mansoor here on Thursday.
The minister said that the Privatization Commission (PC) has set deadline of end March 2011 for launching convertible bonds worth $ 1 billion bonds for the Oil and Gas Development Company Limited (OGDCL) and $ 304 million for the Pakistan Petroleum Limited (PPL) by end of 2011 at the London Stock Exchange. The bonds would be for 6 percent shares of OGDCL on 4.5 percent per annum interest rate and proceeds could be used for the development of the discovered oil and gas reserves in Sindh and Khyber Pukhtunkhwa.
