ISLAMABAD, Jan 18 (KUNA) -- A delegation of a Kuwaiti investors group Thursday discussed with the Federal Minister for Privatization and Investment the sell-off of Pakistan State Oil (PSO) Company, which holds around 65 per cent share in the country's fuel market.

The government is fully committed and very serious to bring PSO to the bidding point within the set target as we have received encouraging response, said Federal Minister for Privatisation and Investment Zahid Hamid with a delegation of Bakri Energy Marketing Systems led by Managing Director Hussain Al Shammaa.

Al Shammaa expressed his keen interest in the privatization of PSO and wished the Minister for successful completion of the transaction.

Federal Minister Hamid informed Kuwaiti Group that the Data Room for the due diligence of PSO was ready and would be made available to the parties soon after the completion of pre-qualification process on the basis of the information received from the parties through their Statements of Qualification.

While briefing the delegation about the investment policy and achievements, Hamid stated that Pakistan provided conducive and very attractive investment environment.

Al-Shammaa hailed the leadership of President General Pervez Musharraf and Prime Minister Shaukat Aziz, which he said, has brought economic stability and success to Pakistan.

He informed the minister that Bakri Energy Marketing Systems and Overseas Oil Trading company jointly being the fastest among the new Oil Marketing Companies (OMC) have 2.5 per cent market share and they were in the process of establishing an oil depot at Machikay besides installing more than 100 outlets in Pakistan in the first phase for which they have received necessary NOCs.

Al-Shammaa also informed the minister regarding the operations of Bakri Energy Marketing Systems in Kenya, Saudi Arabia and Singapore.

The privatization of major government run companies has been a big component of the Pakistan's economic policy to revive business and investment in the country.

Twelve bidders including Kuwait have been approved to bid for a 51 per cent stake and the management control of PSO, Pakistan's biggest oil marketing company.