Tag: PSO

Karachi, April 28, 2022 (PPI-OT): Pakistan’ s premier energy marketing company, Pakistan State Oil Co. Ltd. (PSO) continues to dominate the energy market, reporting highest ever nine-month profit after tax of PKR 64.8 billion (9MFY21: PKR 18.2 billion), demonstrating the company’s agility and strength across its diverse portfolio. PSO outperformed the industry in all petroleum products, leading to an astounding increase in its market share by 3.4% compared to June 30, 2021.

PSO’s Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) during the meeting held at PSO’s head office in Karachi on April 28, 2022. PRL reported a profit after tax of PKR 5.4 billion for the period (9MFY21: profit after tax of PKR 0.6 billion). On a consolidated basis, the group achieved a net profit after tax of PKR 69.3 billion (9MFY21: PKR 18.3 billion).

PSO continued to lead the downstream sector with volumetric sales growth of 22.0% in liquid fuels against industry growth of 13.6%, capturing 48.3% and 56.5% share of the country’s white and black oil markets. This growth was driven primarily by motor gasoline, high speed diesel and furnace oil, in which the company achieved volumetric sales growth of 15.5%, 26.0% and 22.0% against industry growth of 8.8%, 17.8% and 13.9% respectively as compared to the same period last year. It led to an increase in PSO’s market share in these products by a 2.5%, 3.3% and 3.7% respectively.

Despite the major energy supply crisis globally, PSO remained steadfast in its commitment to the nation and bridged the supply gap by importing 4 additional HSD cargoes from the international spot market to avoid a potential dry out situation. The company added 112.5 thousand tons of new storages and rehabilitated 32.5 thousand tons of existing storages in the period to meet the growing demand of petroleum products in the country.

The company further expanded its largest retail footprint by adding 39 new outlets, while enhancing customer experience on its forecourt through non-fuel-retail services including quick-service restaurants, convenience stores and banking services. PSO relaunched Carient Fully Synthetic Motor Oil, introducing a bold new look with an improved double handle pack to meet fast changing consumer needs.

PSO renewed its partnership with TotalEnergies Aviation, France by signing Fuel Supply and Technical Services Agreements. The company also joined hands with Frontier Works Organization (FWO) to develop two state-of-the-art retail stations on the Lahore-Sialkot motorway (North and South) equipped with Electro (EV charging) and rest rooms for the convenience of motorists. PSO signed the white oil pipeline multi-grade project throughput agreement with Pak Arab Pipeline Company (PAPCO) and became the first oil marketing company to provide oil-in for the commencement of the project.

PSO received the Largest Taxpayer Award (Import Sector-Nationwide) from the Honourable President of Pakistan to acknowledge its role in national tax collection and promote voluntary compliance along with increase in revenue collection. The company also won the Management Association of Pakistan (MAP)’s 36th Corporate Excellence Award in the Oil Marketing Companies (OMC) segment.

As a responsible corporate citizen, PSO, through its CSR Trust gave back to society by contributing PKR 108 million through its Corporate Social Responsibility Trust for various healthcare, education and social development projects. To support NCOC’s drive of a corona free Pakistan, PSO successfully vaccinated over 200,000 individuals by providing vaccination facilities at 17 different locations including far-flung areas through mobile vaccination vans.

The Board expressed concern over mounting trade receivables, especially the increase in receivables from Sui Northern Gas Pipelines Limited of around PKR 149.3 billion as compared to June 30, 2021. The management is actively pursuing the matter with concerned authorities for the recovery of dues. The management expressed sincere gratitude to all stakeholders including its Board of Management, Government of Pakistan, especially Ministry of Energy (Petroleum Division) for their guidance and support.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House, Khayaban-e-Iqbal, Clifton,
P. O. Box 3983, Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com

Karachi, January 13, 2021 (PPI-OT): Pakistan State Oil (PSO) has signed a partnership agreement with the leading food delivery app Foodpanda. Through this arrangement, PSO will provide an advanced fuel management solution to Foodpanda riders with DigiCash fuel cards.

Through this unique solution powered by DigiCash, Foodpanda riders around the country will be able to monitor their fueling expenses, get discounts on PSO fuels and lubricants, redeem deals on 500+ brands nationwide along with the option of having subsidized accidental insurance.

Commenting on the partnership, General Manager Cards and Non-Fuel Retail – PSO, Syed Azfar Yazdani, said, “PSO is on a mission to facilitate mobility during the pandemic while keeping the safety and convenience of our customers and workers at the forefront.”

“With the tumultuous situation that COVID-19 has created, it is imperative that businesses forge alliances that benefit employees, business partners as well as end consumers. DigiCash with its unique offerings will enable Foodpanda riders to reduce their operational cost, provide an all-in-one fuel management solution, and add value to their journeys,” he added.

Speaking about this partnership, CEO Nauman Sikander, said, “Riders are essential frontline workers and our heroes. They brave difficult conditions every day to deliver vitally needed food and groceries to your home so you can avoid going out and lessen the risk of COVID-19 for you and your family.”

“With this partnership, we expect to build an ecosystem for our delivery heroes, where they can benefit through improved earnings, subsidized fuel and lubricants, discounts, and additional insurance support,” he added. PSO and Foodpanda continue to play a vital role in ensuring the safety and convenience of their customers and frontline workers through various initiatives and mutually beneficial alliances.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House,
Khayaban-e-Iqbal, Clifton,
P. O. Box 3983,
Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com

The post PSO Partners with Foodpanda Pakistan to Provide Fuel Management Solution appeared first on Business News Pakistan.

Karachi, January 01, 2021 (PPI-OT): PSO continues to lead the fuel revolution in Pakistan by becoming the first Oil Marketing Company (OMC) to upgrade Pakistan’s diesel fuel standard from Euro 2 to Euro 5. The Company has recently launched its Euro 5 standard high speed diesel under the brand name “PSO Hi-Cetane Diesel Euro 5″.

The Government of Pakistan (GOP) mandated the import of Euro 5 standard compliant high speed diesel from January 2021. As a proactive and forward-thinking company, PSO imported the first shipment of Euro 5 standard diesel on December 23, 2020 making PSO Hi-Cetane Diesel Euro 5 available at PSO retail outlets in Karachi well ahead of the timeline specified by the GOP.

PSO Hi-Cetane Diesel Euro 5 was formally launched by CEO and MD, PSO, Syed Muhammad Taha during a ceremony held at PSO Burraque Service Station, Karachi. Key business partners, valued clients and senior PSO officials were present at the occasion to celebrate this significant milestone for the country and company.

PSO’s new Euro 5 diesel is a high performing, cleaner fuel in which sulfur content has been reduced by a staggering 98% – from 500 ppm to 10 ppm. The cetane rating of diesel is similar to the octane number of motor gasoline. PSO’s superior quality Hi-Cetane Diesel Euro 5 has a cetane index range of 53-58 which is significantly higher than the cetane index of locally available diesel. PSO’s new Euro 5 standard diesel reduces vehicle emissions and enhances engine life and efficiency by protecting the engine’s metallic parts. It also minimizes the negative impact on health while enabling a cleaner environment for our future generations.

Expressing his views at the occasion, CEO and MD, PSO, Syed Muhammad Taha said “PSO has once again raised the bar as we lead our beloved nation into an era of premium quality, environment friendly and high performance fuels. This is a major milestone in our journey of environmental stewardship under the able guidance of the Ministry of Energy. After the introduction of the electric vehicle charging facility and the launch of Euro 5 motor gasoline, both RON 97 and RON 92, we are proud to be the first OMC to introduce Euro 5 high speed diesel in Pakistan. These initiatives are a prime example of PSO’s commitment to environment preservation and our efforts to leave behind a world worth living in for our future generations. Moving forward, we will further strengthen the trust that millions of Pakistanis put in us every day as we continue providing innovative and high quality products and services at our retail outlets”.

As a dynamic and future-focused Company, PSO continues to be the torchbearer in implementing the GOP’s vision for a cleaner and greener Pakistan and pledges to undertake more initiatives that drive the nation towards a sustainable future.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House, Khayaban-e-Iqbal, Clifton,
P. O. Box 3983, Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com

The post Another first by PSO – Launch of Euro 5 Standard Diesel in Pakistan appeared first on Business News Pakistan.

Karachi, October 27, 2020 (PPI-OT):Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting on October 27, 2020 to review the Company’s performance together with its subsidiary Pakistan Refinery Limited (collectively the ‘Group’) for the quarter ended September 30, 2020 (Q1FY21).

COVID-19 continues to impact people around the world. Despite the serious challenges faced by the economic and business world amid the outbreak, PSO has remained resilient in the rapidly changing environment, delivering solid organic growth and improved margins in the first quarter. The Board has confirmed PSO’s profitability and performance. The Company witnessed a volumetric growth of 11.8% in motor gasoline, 17.1% in high speed diesel (HSD), 7.7% in white oil, 37.8% in black oil and 13.9% in liquid fuels resulting in a market share of 42.1% in motor gasoline (increase of 1.2% vs. last year), 48.0% in high speed diesel (increase of 2.5% vs. last year), 45.5% in white oil (increase of 0.4% vs. last year), 56.8% in black oil (increase of 2.8% vs. last year) and 47.9% in liquid fuels (increase of 1.2% vs. last year).

The volumetric growth resulted in a net profit after tax of PKR 5.1billion which was PKR 3.5 billion during the same period last year. PSO attained new milestones on its journey of environmental stewardship with the launch of Euro 5 Hi-Octane 97 and Altron Premium Euro 5 (92 Ron) during the months of August and September 2020. Plans are underway for the launch of Euro 5 compliant HSD. The Company successfully reduced its finance cost through effective planning and cash flow management which was further supported by reduction in average policy rates.

During the period under review, the Company’s product sourcing comprised of 40% upliftment of refinery production (44%: Q1FY20) and 58% of industry imports (54%: Q1FY20). A strong focus was maintained on infrastructural projects including the 203 KMTs of new storages, 176 KMTs of rehabilitated storages and 47.3 Km of pipeline projects.

Receivables from the power sector reduced by PKR 2.3 billion during the period under review whereas receivables from SNGPL remained an area of concern. As of September 30, 2020, the Company’s receivables from SNGPL stood at PKR 68.1 billion. The management is rigorously following-up with concerned authorities for the early settlement of outstanding receivables.

These results demonstrate PSO’s agility and strength across its diverse portfolio. As the environment continues to evolve, the Company remains committed to sustainable growth and profitability.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House,
Khayaban-e-Iqbal, Clifton,
P. O. Box 3983,
Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com

The post PSO reports profit after tax of PKR 5.1 billion in 1Q FY21 appeared first on Business News Pakistan.

Karachi, October 23, 2020 (PPI-OT):Pakistan State Oil (PSO), the nation’s leading Oil Marketing Company (OMC) convened its 44th annual general meeting on October 21, 2020 in Karachi. To ensure the health and safety of shareholders and employees in view of the coronavirus pandemic, the Company conducted the shareholders’ meeting virtually.

Mr Zafar I. Usmani, Chairman, Board of Management, PSO chaired the meeting with Chief Executive Officer and Managing Director PSO, Syed Muhammad Taha. Senior Company officials included Deputy Managing Director – Operations, Syed Jehangir Ali Shah, Senior General Manager – Marketing, Mr Shehryar Omar, Chief Financial Officer, Mr Imtiaz Jaleel and Company Secretary, Mr Rashid Umer Siddiqui.

FY20 was shaped by the massive global macroeconomic downturn caused by trade wars amongst the world’s economic powers and further aggravated by the coronavirus pandemic. PSO demonstrated its resilience and strength as a Company by fulfilling its obligations in an adverse operating environment and emerged stronger and more resolute in its service to the nation. Providing customers with critical services and ensuring the safety of all stakeholders have been the Company’s top priority.

As the nation battled the pandemic, PSO’s employees all over the country, at the frontlines and behind the scenes, worked tirelessly to ensure that the wheels of Pakistan’s economy stay in motion. During May-June, the Company imported an additional 550,000 metric tons of high speed diesel and 250,000 metric tons of motor gasoline to meet the demand. Where most OMCs struggled to cope, PSO managed the country’s supply chain single handedly and ensured an uninterrupted supply of fuel nationwide. Despite strong headwinds, the Company continued to stand tall as the market leader with a share of 44.3% in liquid fuels.

Leading the sustainable energy revolution, PSO became the first OMC to upgrade Pakistan’s fuel standard from Euro 2 to Euro 5 and commissioned its first electrical vehicle charging unit in Islamabad. The Company also added 50 new vision retail outlets in its footprint offering customers a wide variety of products and services under one roof. Chronic receivables from the Power Sector, PIA and SNGPL were reduced by PKR 13.1 billion which stood at PKR 185.2 billion as of June 30, 2020. PSO further strengthened its supply chain by increasing its shareholding in Pakistan Refinery Limited from 52.68% to 63.6%.

While addressing shareholders, Mr. Zafar I. Usmani, Chairman, PSO Board of Management said: “PSO remains the nation’s most trusted fuel provider, a coveted status bestowed upon us by millions of customers nationwide. Fulfilling our responsibility as the national flag bearer, PSO gave back to the society by committing PKR 180 Million in the fields of healthcare, education and community building through its CSR Trust. The Company has recently embarked upon on a journey of environmental stewardship through ground breaking initiatives which will play a vital role in ensuring a sustainable future for Pakistan.”

All the resolutions submitted for shareholder’s approval were adopted. The meeting concluded with a vote of thanks to employees, stakeholders, business partners, members of the Board of Management and the Government of Pakistan, especially the Ministry of Energy (Petroleum Division), for their support and guidance.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House,
Khayaban-e-Iqbal, Clifton,
P. O. Box 3983,
Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com