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Perac abolished

RECORDER REPORT

KARACHI: The ministry of industries and production has drawn out a plan for the legal merger of its corporations and their divisions that will be effective by June next.

Under the plan the two divisions of Perac: Iran-Pak Refinery and Petroman; have been put under PIDC by abolishing the Perac and Enar Petrotech, another division of Perac has been placed under the State Engineering Corporation, well-placed sources told Business Recorder on Monday.

The ministry has already taken step by administratively merging the State Petrochemical and Petroleum Refining Corporation (PERAC) into Pakistan Industrial Development Corporation (PIDC). The legal and corporate merger of these entities will take place by June next with the end of financial year of each entity, they said.

They said that these steps are in line with the government agenda to reduce the number of organisations and their subsidiaries and increase their efficiencies. With this administrative reshuffling, PIDC will get a new lease of life.

Currently, Chairman PIDC, Syed Zahid Hussain is also acting as chairman Perac, they said, since the retirement of the last Perac chairman on February 5.