CCoP Decides To Conduct Further Review Of Privatisation Programme.

ISLAMABAD -- Cabinet Committee on Privatisation (CCoP) on Friday decided to conduct further review of the privatisation programme which is a high priority under current economic situation.

Federal Minister for Finance and Revenue Miftah Ismail chaired the inaugural meeting of Cabinet Committee on Privatisation (CCoP). Chairman Privatisation Commission (PC) presented the roadmap for current privatisation programme for reaffirmation by newly constituted CCoP. He presented government's plans for revival of Pakistan Steel Mills (PSMC). The plan focuses on revival through significant foreign direct investment and technology transfer generating significant employment opportunities for qualified workers. The committee was apprised of a recent successful due diligence visit by a team of BaoSteel, world's largest steel producer. BaoSteel manufacturers 180 million tons of steel per annum and is one of four interested parties and plans to increase capacity of PSMC to 3 mtpa. CCoP unanimously welcomed the prospect of PSMC revival, entailing commercial leasing of 1229 acres of land and jetty, and directed ministries of Industries and Production, Energy and Maritime to work with PC to remove all bottlenecks expeditiously.

CCoP was apprised of the ongoing effort to recapitalize NPPMCL, the owner of two RLNG power plants in Balloki and Haveli Bahadur Shah. Earlier, PC arranged bids of Rs. 102 billion from a local syndicate of banks for NPPMCL...