Federal Minister for Privatisation Ghous Bux Khan Mahar on Wednesday invited French business groups to participate in the upcoming monetising of up to 10 per cent of government’s shareholding in Oil and Gas Development Company Limited (OGDCL) via exchangeable bonds.
The minister extended this offer to the French Ambassador to Pakistan Daniel Jouanneau in a meeting here today. Mahar said that the OGDCL transaction was backed by a sovereign guarantee by the Government of Pakistan, while there also exists huge potential for French companies to participate in the privatisation process of power generation and distribution companies and other entities.
Jouanneau informed the minister that the French companies including Total, Hyperstar and Sanofi already working in Pakistan had developed plans to reinvest in Pakistan, which was an encouraging signal.
The French ambassador further said that French business groups were keen to invest in Pakistan’s energy, water and agriculture sectors, while the Pakistan-France Business Council was progressing satisfactorily.
Published in The Express Tribune, June 9th, 2011.
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