KARACHI, June 25: Pakistan Petroleum Limited (PPL) said on Monday that it was 'informed' that the company was a 'preferred bidder' for 100 per cent share purchase of MND Exploration and Production Limited.

PPL was competing as a bidder for corporate acquisition of MND Exploration and Production Limited.

MND Exploration and Production Limited is a wholly-owned subsidiary of KKCG SE and incorporated in the United Kingdom. Its non-operated assets in Pakistan include: Sawan Development and Production lease (7.8947 per cent) and Exploration Licenses in Ziarat Block (40 per cent) and Barkhan (50 per cent).

Additionally, MND holds 20 per cent non-operated participating interest of Block-3 in Yemen.

Mubasshar Siddiqui, company Secretary, had said earlier on May 17, that the Board of PPL had decided to participate in bidding for corporate acquisition of MND Exploration and Production Limited.

Accordingly PPL proceeded to submit the bid for acquisition by the bid date, ie May 18, 2012.

Independent Power Plant

Linde Pakistan Limited (formerly BOC Pakistan Limited) plans to install an independent power plant.

M Ashraf Bawany, the Deputy Managing Director of the company, said that the board of directors had approved an investment plan of about Rs556 million for a power generation of 4MW to be installed at the company's Port Qasim facility.

The company announced its plan on Monday in accordance with Clause (XXIII) of Listing Regulation No 35 under the Code of Corporate Governance, which requires disclosure of 'material information' to the Exchanges and shareholders.

Linde Pakistan stated that the investment in the power plant would be funded with a mix of company's internal resources and external borrowings.