ISLAMABAD: The Petroleum Division is failing to enforce regulatory discipline related to national security in the upstream oil and gas due to the unauthorised sale of shares of a company.

The Islamabad High Court (IHC) has stopped the change of the board of directors and the sale of shares of Frontier Holdings Ltd (FHL) and Spud Energy Pvt Ltd (SEPL) to a foreign buyer, while the Directorate General of Petroleum Concessions (DGPC) was failing to scrutinise the sale proceeds.

The court has also stopped all actions related to the transfer of the........

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