Pakistan State Oil

Pakistan State Oil (PSO)
Native name
 قومی تیل پاکستان
Public
Traded as KSE: PSO
Industry Oil and gas
Founded January 1, 1974 (1974-01-01);
30 December 1976 (as PSO)
Headquarters Karachi, Pakistan
Area served
 Pakistan
Key people
 Imran ul Haque
(Managing Director and CEO)
Mujahid Eshai
(Chairman)
Products Motor gasoline (Mogas), high-speed Diesel (HSD), furnace oil (FO), jet fuel (JP-1), kerosene, CNG, petrochemicals and lubricants
Revenue Increase U.S. $14 billion (1.4 trillion PKR) (2014)
Increase U.S. $408 million (42.0 billion PKR) (2014)
Profit Increase U.S. $212 million (21.8 billion PKR) (2014)
Total equity ~ 100 billion PKR (2014)
Number of employees
 ~ 3,000
Subsidiaries
Website www.psopk.com

Pakistan State Oil (Urdu: قومی تیل پاکستان ‎; reporting name: PSO) is a Karachi-based Pakistani state-owned multinational petroleum corporation involved in marketing and distribution of petroleum products. It has a network of 3,689 filling stations, out of which 3,500 outlets serve the retail sector and 189 outlets serve bulk customers.

It controls a market share of over 60% of the total oil market with customer portfolio including dealers, government agencies, autonomous bodies, independent power projects and other corporate customers. It is involved in import, storage, distribution and marketing of a range of petroleum products including gasoline, diesel, fuel oil, jet fuel, LPG, CNG and petrochemicals.

It was founded on December 30, 1976, after Pakistan's government took over the management of Pakistan National Oil (PNO) and Dawood Petroleum Limited and renamed into POCL (Premier Oil Company Limited) under marketing of Petroleum Products. PSO is the first public company in Pakistan to pass the PKR 1 trillion revenue mark.

Its primary listing is on the Karachi Stock Exchange and it is a constituent of the KSE-30 Index. PSO has been named among the Forbes Global 2000 continuously over the years. Its revenues in 2014 stood at PKR 1,410 billion ($ 14 billion) and after-tax profit stood at PKR 21.8 billion ($210 million). The company's market capitalization is greater than PKR 100 billion.

History

The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on January 1; the government took over and merged National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).

Soon after that, on 3 June 1974, Petroleum Storage Development Corporation (PSDC) came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23, 1976. Following that, the ESSO undertakings were purchased on 15 September 1976 and control was vested in SOCL. The end of that year (30 December 1976) saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil (PSO).

After PSO’s inception, the corporate culture underwent a comprehensive renewal program which was fully implemented in 2004. This program over the years included the revamping of the organizational architecture, rationalization of staff, employee empowerment and transparency in decision making through cross functional teams. This new corporate renewal program has divided the company’s major operations into independent activities supported by legal, financial, informative and other services. Inorder to reinforce and monitor this structural change, related check and balances have been established by incorporating monitoring and control systems. Due to this effective implementation of corporate reform and consistent application of the best industrial practices and business development strategies, PSO has been able to maintain its market leadership in a highly competitive business environment.[1]

References

  1. ↑ History of PSO
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