Analyst Research Report Snapshot


Pakistan Oil & Gas: No clear winner for acquisition of Chevron Pakistan




Foundation Securities Private Limited


10 Apr 2013





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Event * We believe the competition for acquisition of Chevron Pakistan assets is wide open though Attock Petroleum Ltd (APL) remains one of the two key contenders besides TOTAL PARCO Pakistan Ltd (TPPL). Contrary to market perception, we understand number of players competing for the asset acquisition is higher which may drive up the realized value of assets. Furthermore, we believe the final decision by Chevron may not entirely be based on monetary value. We estimate total deal size to range PKR8-12bn which can have gross/net bottom-line impact of PKR16/3/sh on APL.

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