The government will offer 51% stakes in PIA and Roosevelt to Qatar

On Monday, the government scrapped a proposal to sell two LNG-fired power facilities to Qatar in favor of offering 51% shares in the Roosevelt Hotel in New York and Pakistan International Airlines (PIA).

Prime Minister Shehbaz Sharif made these decisions during a meeting called to prepare for his journey to Qatar next week, which is provisionally scheduled for August 22 to 23, according to highly placed sources.

The meeting was also attended by Finance Minister Miftah Ismail and former Prime Minister Shahid Khaqan Abbasi.

They stated that the premier has also formed a committee to finalize these recommendations by the end of this week and finish all documentation before his departure next week.

According to the sources, the group examined the prospect of selling the two LNG power stations to Qatar. However, several participants believed that the nation may not get the best price after deducting the Rs104 billion debt owed by these power plants, which needed to be repaid or transformed into long-term finance.

They stated that after removing the liabilities, the government may obtain $500 million to $600 million at best, which was politically difficult to present to the people as the best price.

The National Power Parks Management Company Limited (NPPMCL) is the owner of 1,230 power plants.