RIL not in Pakistan refinery race

Reliance Industries, the country's largest private sector company, has not been included among the shortlisted bidders to acquire controlling stake in Pakistan's National Refinery Ltd. Eleven of the 29 prospective bidders are now left in the fray.

Following the expression of interest by 29 companies, the Board of Privatisation Commission of Pakistan has shortlisted 11 parties for due diligence of the transaction, according to a posting on the BOPC website.

In December, Reliance had evinced interest in buying strategic stake in the Pakistan's state-owned oil company. Reliance has been excluded from the list on the recommendations of the pre-qualification committee of National Refinery, the website said.

The final bids for NRL are likely to be held in May, it said.

The companies currently in race for buy 51 per cent stake in NRL include Pakistan Refinery Ltd, Lukeoil International and Orient Petroleum Inc Consortium.

National Refinery boasts of having Pakistan's largest refinery complex with a crude distillation capacity of 2.7 million tonne.

Citigroup Global Markets Ltd is the financial advisor for the privatisation process of National Refinery.