Steel Mills, Pakistan Petroleum among 19 entities to be privatised: Soomro

LAHORE: Privatisation Minister Muhammad Mian Soomro has said that Pakistan Steel Mills (PSM), Mari Petroleum Company Limited (MPCL), Pakistan Petroleum Limited (PPL) and Convention Centre Islamabad are among the 19 state-owned entities that will be privatised.

While talking to the media on Wednesday, Soomro said that the government is implementing the privatization of state-owned entities according to a plan negating any uncertainties surrounding the issue.

The privatization of these government entities will be held according to the relevant ordinance while keeping transparency, the minister added.

“The government has set a target of Rs100 billion revenue from the privatization of these entities this year,” he said.

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According to the minister, Pakistan International Airlines’ Roosevelt hotel in New York will be given on lease. Two power distribution companies have also been included in the privatization list, he said.

The government will devise a mechanism for the privatization of PSM as he said that “A proposal also under consideration to selling the steel mills after payment of arrears against it”.

The federal minister further assured that privatization has continued across the world and is not something to worry about. 

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