ISLAMABAD, Pakistan, Nov. 12 (UPI) -- Despite legal challenges, Islamabad has approved a measure to privatize its Qadirpur natural gas field in Sindh province to shore up the national economy.
The Pakistani government last week approved a measure to sell 37 percent of its 75 percent stake in the state-owned Oil and Gas Development Co. Ltd. by June 2009, the Platts energy reporting news agency said Wednesday.
The move is part of a broader effort to privatize OGDCL while Islamabad looks to shore up its budget distribution for the 2009 fiscal year.
Opponents, however, have issued a Supreme Court challenge, stating Qadirpur should remain in government hands given its significant returns.
Production at the Qadirpur gas field began in 1995. It boasts the largest recoverable hydrocarbon reserves in the country. Its total natural gas reserves are estimated at 5 trillion cubic feet.
Pakistan has moved to privatize a significant portion of its industrial base as part of an economic stimulus program.
