ISLAMABAD: Pakistan will push back the deadline for companies to express interest in buying national carrier Pakistan International Airlines to May 18, the country’s privatization minister said on Thursday.
The extension, announced in a statement by Minister for Investment and Privatization Abdul Aleem Khan, came a day before the expressions of interest had originally been due. He said 10 companies had already expressed an interest.
“The Board accorded approval for extension in the date for submission of interests on the request of interested parties,” he said, referring to the Privatization Commission Board he leads.
Pakistani tycoon Arif Habib and aviation-based company Gerry’s Group were among the 10 bidders looking to buy a majority stake in Pakistan International Airlines, Bloomberg News reported on Friday.
Arif Habib, Pakistan International Airlines and Gerry’s Group did not immediately respond to a Reuters request for comment.
Pakistan’s government has previously said it was putting on the block a stake of between 51 percent and 100 percent in the loss-making airline as part of reforms urged by the International Monetary Fund.
The disposal of the flag carrier is a step that past elected governments have steered away from as it is likely to be highly unpopular, but progress on the privatization will help cash-strapped Pakistan pursue further funding talks with the IMF.
Pakistan pushes back deadline for expressions of interest to buy national airline
https://arab.news/9r6pz
Pakistan pushes back deadline for expressions of interest to buy national airline
- The extension came a day before the expressions of interest had originally been due
- Pakistani tycoon Arif Habib, aviation-based company Gerry’s Group were among bidders
Pakistan offers seaport for global cargo transshipment amid Gulf conflict escalation
- Karachi Port Trust says its services can ensure ‘continuity and stability’ of maritime trade
- The region is currently witnessing significant disruptions to global trade and oil shipments
KARACHI: Pakistan has offered its Karachi seaport for uninterrupted global cargo transshipments as escalating Middle East tensions threaten maritime trade, the country’s largest port operator said on Friday.
Iran has been rocked by joint US and Israeli strikes since Feb. 28 that killed Supreme Leader Ayatollah Ali Khamenei. Tehran retaliated with missile and drone attacks on US, Israeli and allied targets across the Gulf, plunging the region into conflict and uncertainty.
The escalation disrupted air travel, heightened military activity, and disrupted shipping through the Strait of Hormuz, a key route carrying roughly 20 percent of global oil shipments.
The Karachi Port Trust (KPT) said in a statement it was ready to support international shipping lines by offering transshipment services to regional ports, helping ensure the “continuity and stability” of global maritime trade.
“Karachi Port Trust remains fully prepared to support the international maritime community and to provide reliable, efficient, and secure port services in the interest of sustaining regional trade connectivity,” KPT Chairman Shahid Ahmed said, according to a statement circulated by the port authority.
It added the facility could help stabilize maritime trade by offering transshipment services for cargo destined for ports across the region.
The statement said as a demonstration of its capability, international vessels MV TS TACOMA and MV TS SYDNEY arrived in Karachi and discharged large number of containers as transshipment cargo.
“The containers will subsequently be transshipped from Karachi to Jebel Ali in the Middle East,” it continued.
Pakistan Maritime Affairs Minister Junaid Anwar Chaudhry on Thursday highlighted the importance of the Gwadar port city’s transshipment role as major shipping routes face disruption from the ongoing conflict.
The developments come as the Strait of Hormuz, a strategic waterway between Iran and Oman and one of the world’s most critical oil transit routes, has been blocked by Iran which has threatened to attack ships that attempt to transit through it.
US President Donald Trump has assured shipping companies of naval escorts and insurance support to protect vessels.
The escalating tensions have contributed to a sharp rise in energy prices and significant disruptions to tanker traffic through the strategic waterway.
Pakistan has long viewed its seaports as strategic assets that could boost trade with Central Asia and the Gulf region, while helping the country earn valuable foreign exchange.
