SIFC targets oil and gas firms and Roosevelt Hotel

KARACHI: The Special Investment Facilitation Council (SIFC) has prioritized four major oil and gas companies, along with the Roosevelt Hotel, for asset management under the Pakistan Sovereign Wealth Fund (PSWF) and a strategic initiative focused on state-owned enterprises (SOEs).

The four selected oil and gas firms are leading, profitable entities in the country. This decision was discussed in a sub-committee meeting on Monday, following a recent SIFC meeting convened on the prime minister’s direction. The previous SIFC meeting was attended by the minister for privatization, the minister for power, the minister for petroleum, the minister of state for finance, and the national coordinator of the SIFC.

According to sources, the meeting reached a consensus to identify 12 SOEs for the strategic initiative. The primary entities include Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), and Pakistan Refinery Limited (PRL), along with the Roosevelt Hotel.

The meeting further directed that Pakistan National Shipping Corporation (PNSC), National Bank of Pakistan (NBP), Karachi Port Trust (KPT), Sui Northern Gas, Sui Southern Gas, and State Life Insurance Company (SLIC) be placed second on the priority list.

The sub-committee, chaired by the deputy chairman of the Planning Commission, has been tasked with finalizing the terms of reference for the request for proposal (RFP) related to the PSWF. This includes evaluating the share of the identified SOEs and determining the lead agency and processes for managing the strategic initiative.

The parent ministries of the selected SOEs are required to complete due diligence and provide recommendations covering the potential of these enterprises, their legal frameworks, share recommendations, and any other relevant aspects. This input will be presented at a follow-up meeting scheduled for September 4, 2024.