The Privatisation Commission (PC) on Thursday sought fresh expressions of interest (EoIs) for repeatedly delayed privatisation of Pakistan State Oil. The PC said interested parties should submit their expressions of interest by March 4. It said bidding was expected to take place in June, but the statement gave no specific date. PSO controls almost 70 percent of the petroleum marketing business.

The government has long planned to sell a 51 percent stake in state-run PSO, together with the management control, but the auction has been repeatedly postponed due to lukewarm interest.

Previously, two bidders, Kuwait Petroleum Corp and Fauji Foundation, expressed interest in buying PSO.

The new call for expressions of interest is apparently aimed at attracting other potential buyers.

The statement quoted Privatisation and Investment Minister Abdul Hafeez Sheikh as saying that he expected interest from around the globe that would give impetus to the government's privatisation programme.

The statement said the parties that had earlier shown interest had been asked to reiterate their interest.

The US investment firm J.P. Morgan is the financial adviser for the sale.

Copyright Reuters, 2005