ISLAMABAD: The federal government has formed a committee to address the dispute regarding the transfer of 322,460,900 shares of Oil and Gas Development Company Limited (OGDCL). The Ministry of Planning, Development, and Special Initiatives opposes the proposal to transfer these shares to the Ministry of Energy (Petroleum Division), recommending instead that they be transferred to the Pakistan Sovereign Wealth Fund (PSWF).
In response to this disagreement, a committee led by Deputy Prime Minister and Foreign Minister Ishaq Dar has been established to review the legal implications of the share transfer. The committee, which includes the Ministers of Finance, Economic Affairs, Petroleum, and Privatisation, has been tasked with delivering a report within seven days.
The dispute arose after the Privatisation Ministry sought approval from the Cabinet Committee on Privatisation (CCoP) to transfer the OGDCL shares from the Privatisation Commission’s CDC account either to the Ministry of Energy or the PSWF. OGDCL, initially included in the Privatisation Programme in 2013, saw its shares remain with the Privatisation Commission after a decision to postpone their divestment in 2014 due to inadequate market response.
The Planning Ministry contends that, under the PSWF Act 2023, all assets, including OGDCL shares, should be transferred to the Fund as the ultimate owner, ensuring unified ownership. The newly formed committee will now review this legal stance and provide recommendations to the Prime Minister and the Cabinet.
Story by Fawad Yousafzai
