PSO privatization delayed

Pakistan’s Supreme Court ordered the delay of the privatization of Pakistan State Oil Ltd. (PSO) for an indefinite period in August. A five-member larger bench of the apex court headed by Justice Iftikhar Muhammad Chaudhry, chief justice, heard the petition of the Attock Group against privatization of PSO. The court had stayed the PSO privatization proceedings in a previous hearing. The court after hearing arguments of the counsel of the Privatization Commission decided to continue the stay order and adjourned the hearing of the case for an unspecified period. The Attock Group of Companies had appealed to the court against their disqualification to participate in the purchase of 51% of PSO. The Privatization Commission had earlier cleared seven companies to take part in the sale. (July 13, 2007)