Federal Minister for Privatization wants French participation in OGDCL E Bonds

ISLAMABAD: Ghous Bux Khan Mahar Federal Minister for Privatisation has invited French Business Groups to participate in the upcoming monetizing of up to 10% of GoP shareholding in OGDCL via an Exchangeable Bonds.

The Minister extended this invitation to the French Ambassador to Pakistan Daniel Jouanneau in a meeting here on Wednesday.

The Minister said that the OGDCL transaction was backed by sovereign guarantee by the Government of Pakistan while there also existed huge potential for French companies to participate in the privatisation process of power generation, distribution companies and other entities.

He underlined the need for exchange of business groups delegations of both the countries for a better understanding of the investment opportunities in both the green and brown fields sectors and to bring in new French business groups for participating in Oil & Gas, Transport, Financial and other sectors. The real potential for doing business in Pakistan could only be projected through interaction with the French groups, he added.

Daniel Jouanneau informed the Minister that the French companies including TOTAL, Hyperstar and Sanofi (medicine manufacturers) already working in Pakistan have developed plans to reinvest in Pakistan, which was an encouraging signal and added that the recent visit of democratically elected Prime Minister of Pakistan Mr. Yusuf Raza Gilani to France was well received and has ushered a new era of bilateral relations to promote Pakistan in French business community, which would generate business activity between the private sectors of both the countries and further strengthen the economic bonds.

The envoy further said that French business groups were keen to participate in Pakistan’s energy, water and agriculture sectors while the Pakistan-France Business Council was progressing satisfactorily and he invited the Minister for participation in a seminar being organized on Railways shortly. Shahid Hussain Raja Secretary Privatisation and other senior officials were also present in the meeting.

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