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ISLAMABAD:
The privatization of major energy sector assets, including two power plants and three electricity distribution companies (DISCOs), along with the sale of a majority stake in Pakistan International Airlines (PIA), moved closer to execution on Thursday as officials briefed a Senate panel on the government’s roadmap and timelines.
The Senate Standing Committee on Privatization, headed by Senator Afnanullah Khan, was informed that the Guddu and Nandipur power plants were fully prepared for privatization, while work had also been completed on the sale of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO) in the first phase.
Separately, the Privatization Commission secretary briefed the committee on the proposed sale of PIA, saying that between 51 percent and 100 percent of the national carrier’s shares would be offered to investors.
He said that during the previous attempt, the prospective investor had also been required to clear liabilities worth Rs 33 billion, but this time both the issue of outstanding dues and taxes had been resolved.
He added that earlier delays were caused by the failure of timely relief of the general sales tax by the IMF.
