Queensland Motorways Ltd (QML) would not go private after all as the state government had opted to allow its investment body, the Queensland Investment Corporation (QIC) to purchase the company and takeover its operations.

Queensland Premier Anna Bligh informed the state parliament on Thursday that the state government would effectively retain its interests on all QML-operated toll roads as she revealed that negotiations are now underway, which would "transfer the state's toll road business, QML, the owner of the Gateway and Logan motorways, to the Queensland Investment Corporation."

The move, according to Ms Bligh would mark the onset of the fourth phase of Queensland's ongoing efforts to divest some of its assets, as she asserted that the win-win solution "would improve the state's finances, takes us closer to an AAA credit rating, strengthen the Government's superannuation scheme and protect the public interest."

In facilitating for the QML sale, State Treasurer Andrew Fraser expressed confidence that despite the sale, the toll roads would be able to sustain its main thrust of providing quality service and at the same time, deliver benefit to the public and make worthy of every dollar they pay in taxes.

Mr Fraser said that the transaction would lead to a better balance sheet for the Queensland government as he added that upon completion, the operational transfer would still be governed by legislative protections in order to ensure that toll pricing would be within the regulated levels.

However, state opposition treasury spokesman Tim Nicholls scored the deal as he feared that the Queensland government would end up not actually benefitting from the sale in light of the huge debt that QML presently carries.

Mr Nicholls called on Ms Bligh to clarify the details of the sale transaction, demanding that the Premier reveal the true value of the deal as he noted that QML is currently indebted with up to $2.9 billion.

Mr Nicholls wondered that considering the circumstances of the transaction, "What would be the net return to the government accounts?" right and long after the deal's finalisation.