Govt works on two-pronged strategy for PSM sell-off | The Express Tribune
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ISLAMABAD: The caretaker government has kicked off work on a two-pronged strategy for the privatisation of Pakistan Steel Mills (PSM), which comes in the backdrop of a payment dispute with Sui Southern Gas Company (SSGC) over gas supplies. A major outstanding issue before sell-off is the requirement of no-objection certificate (NOC) and the vacation of charge by SSGC from core operating assets, including the core land, plant, machinery and building. The matter is pending resolution between the Ministry of Industries and Production, PSM and SSGC. The Cabinet Committee on Privatisation (CCOP) has recently directed the Privatisation Commission to take all measures for resolving the pending issues and develop a clean plan of action for privatisation of the steel mill. During the CCOP meeting, it was pointed out that PSM was Pakistan’s largest integrated steel manufacturing plant with a designed production capacity of 1.1 million tons per annum and the potential to expand...