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Perac merger inPIDC leaves itsdivisions in lurchASHRAF KHAN

KARACHI: The fate of various divisions and personnel of Perac is hanging in the balance since its parent ministry finally decided to merge it in PIDC with no spadework carried out.

The decision of merger has been implemented through a summary prepared and approved by the Ministry of Industries and Production itself.

Still no formal approval has been accorded by the Federal Cabinet or the chief executive to 'volatilize' the 26-year-old organisation. But all the working petrochemical engineers, officers and staff have been frenetically trying to get themselves placed in some offer organisation, before they are dumped into Pakistan Industrial Development Corporation (PIDC), sources said.

The Perac atmosphere has become more weird as its chairman, Manzoor Mohasin, having completed his service on Friday, has proceeded on retirement, they said.The kismet of several organizational components of Perac is uncertain, they said. Enar Petrotech Services Pvt. Ltd.; Perac Research and Development Foundation (PR&DF); Petroman; and National Tanker Company (NTC) are the four divisions, administrative control of which is yet to be decides, they said.

With the elimination of Perac's corporate existence, many upcoming projects, to which the corporation is a signatory, have gone into doldrums. The Iran-Pak Refinery Ltd. (IPRL), a joint venture with National Iranian Oil Company will be the chief victim of the decision to dismantle Perac sources said.

Nevertheless, some quarters in refining business support the idea of Perac's abolition in view of allegedly dubious deals on the abortive Hydrocracker project of Perac with the Crescent Petroleum company of Sharjah as well as the IPRL land. They were of the view the role of Perac was now over in the fast changing refining sector.