PSO – Page 3 – PPI News Agency

October 16, 2018

Pakistan State Oil’s 42nd Annual General Meeting highlights consistent progress despite challenges

Karachi, October 16, 2018 (PPI-OT): Pakistan State Oil Company Limited, the country’s largest oil marketing company, held its 42nd Annual General Meeting (AGM) in Karachi where it shed on light on recent achievements and consistent growth trends in spite of some grave industry challenges. The meeting was chaired by Mr. Jahangir Ali Shah, Managing Director and CEO of Pakistan State Oil, along with senior officials including Mr. Yacoob Suttar, Deputy Managing Director – Finance, and Mr. Rashid Umar, the Company Secretary.

PSO closed the year with a cumulative market share of 50%. The growth in MOGAS at 10.1% and HSD at 2.4% was the highest recorded in the last three years. The Company – which already rules the aviation fuels sector with 79.2% market share and operations at all 10 airports in Pakistan – further increased its dominance in the segment by commissioning a state-of-the-art refuelling facility at the New Islamabad International Airport (NIIAP).

PSO increased its gross profit despite a steep decline in Black Oil demand by 29.6%. Reduction in mark-up received from PIBs due to their maturity in July 2017 by Rs 4.3 billion, and reversal of deferred tax asset due to decline in future corporate tax rates by Rs 1.3 billion are the main contributors in reduction of profit after tax by Rs 2.7 billion in FY2018.

Speaking at the meeting, Mr. Jahangir Ali Shah, Acting Managing Director of Pakistan State Oil, said:

“PSO remains the nation’s favourite and most trusted fuel provider, a coveted status that we owe to our customers nationwide and use the best of our resources to serve them better. It is because of our customers’ trust that in spite of challenges, PSO reported a decent 6.7 % increase in Gross Profit and a Profit-After-Tax (PAT) of Rs 15.5 billion in FY2018. The overall financial performance of the Company remained strong with an increase of 20% in Net Sales Revenue over last year to Rs 1.1 Trillion as compared to 0.9 Trillion in FY2017.”

On the occasion, Mr. Shah also highlighted PSO’s achievements in the non-fuel retail (NFR) segment:

“In the non-fuel retail (NFR) segment too, PSO has moved to strengthen its operations by revamping and diversifying 13 of its Shop Stops and installing 50 new ATMs at its retail outlets nationwide in FY18 with the NFR revenue increasing by an impressive 69%. We plan on expanding our NFR operations further so our customers get the most out of their visit to PSO fuel stations and are provided with as many facilities as possible under one roof.”

Talking about PSO’s achievements with regard to improving and maintaining fuel quality, Mr. Shah stated:

“We have been a strong proponent and torchbearer of better quality fuels in Pakistan and in pursuit of the same PSO introduced higher-grade RON 97 HOBC gasoline in FY 2018. Furthermore, we have taken initiatives of upgrading the company’s fleet to ensure safe transportation of fuel”.

The past year saw some other achievements for PSO too. The Company’s excellence in financial reporting was again acknowledged as PSO secured 3rd position in Best Corporate Report Awards in the Oil and Gas Sector, by ICAP and ICMAP. The Company also secured joint second runner up position in SAFA best presented Annual Reports Awards held by the South Asian Federation of Accountants.

Appreciating PSO employees and management, Mr. Shah said the Company owed its success to their hard work. He also extended his gratitude to the Ministry of Energy (Petroleum Division), shareholders and customers of the company whose trust has helped PSO maintain its status as the country’s largest and most trusted fuel provider.

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

August 14, 2018

Pakistan’s 71st Independence Day celebrated at Pakistan State Oil’s head office in Karachi

Karachi, August 14, 2018 (PPI-OT): Pakistan’s 71st Independence Day was celebrated at Pakistan State Oil’s head office in Karachi where the company’s Managing Director and CEO Mr. Sheikh Imranul Haque hoisted the national flag. The flag hoisting was followed by the National Anthem and planting of a tree at the PSO House premises by Mr. Haque. Also present on the occasion were the company’s management and staff, expressing solidarity and love for their homeland.

August 13, 2018

Pakistan State Oil’s Headquarter in Karachi gives a patriotic look

Karachi, August 13, 2018 (PPI-OT): Pakistan State Oil’s Headquarter in Karachi gives a patriotic look with illumination depicting the Company’s love for the nation and its flag. The special lighting decor at this iconic building is done every year as part of the Pakistan Independence Day Celebrations.

August 13, 2018

PSO closed another strong year with 20% increase in gross sales revenue at Rs 1.3 trillion, and Rs 15.5 billion in profit-after-tax

Karachi, August 13, 2018 (PPI-OT): Pakistan State Oil (PSO), the leading energy company of Pakistan, convened its Board of Management (BoM) meeting on August 11, 2018 at PSO Headquarters in Karachi to review performance of the Company for the financial year ended June 30, 2018. The Company reported an 11% increase in Gross Profit and a Profit-After-Tax (PAT) of Rs 15.5 billion in FY2018. The overall financial performance of the Company remained strong with an increase of 20% in Sales Revenue over last year to Rs 1.1 Trillion (FY2017: 0.9 Trillion).

PSO closed the year with a cumulative market share of 50%. The growth in MOGAS at 10.1% and HSD at 2.4% is the highest recorded in the last three years. The Company also increased its dominance in Aviation Fuels by commissioning a state-of-the-art refuelling facility at the New Islamabad International Airport (NIIAP). The Company is the market leader with 79.2% market share in aviation fuels and currently operates at all 10 airports in Pakistan.

In the non-fuel retail (NFR) segment, PSO has moved to strengthen its operations by revamping and diversifying its Shop Stop (13 in total in FY2018) and increasing the number of ATMs (50 in FY2018) at its retail outlets nationwide. The revenue of this segment has increased by 69%. During FY2018, PSO also introduced higher-grade RON 97 HOBC gasoline in line with the Company’s objective of following Government’s directives of improving the quality of fuels for the consumers.

The Company received ISO-9001; 2015 certification as part of its goal for setting up a Quality Management System. The excellence in financial reporting was again acknowledged as PSO secured3rdposition in Best Corporate Report Awards in the Oil and Gas Sector, by ICAP and ICMAP. The Company also secured joint second runner up position in SAFA best presented Annual Reports Awards held by the South Asian Federation of Accountants.

PSO has taken initiatives in ensuring safe fuel transportation and has been making progress despite strikes and continued attacks on the compliant fleet of the Company. During the fiscal in review, the power sector also continued to make short payments against the supply of FO provided on their demand, thereby putting additional pressure on the Company’s cash flows. The outstanding receivables have increased by Rs 24 billion.

Based on the performance of the Company, the Board of Management has declared a final cash dividend of Rs 5 per share (50%) and a stock dividend of 20% (i.e. 1 share for every 5 shares held) which is in addition to the interim cash dividend of Rs 10 per share. The dividend (including stock dividend) for the financial year 2018 stands at Rs 17 (170%) per share.

PSO expresses sincere gratitude to all employees, stakeholders and partners for their contributions and unflinching support. The Company also takes this opportunity to thank the Government of Pakistan, especially the Ministry of Energy, Petroleum Division, for their continuous support and guidance.

July 14, 2018

PSO refutes half cooked inappropriate allegations raised by Dr. Danish in his Tv program

Karachi, July 14, 2018 (PPI-OT): The largest Oil Marketing Company of the country, PSO refutes the information presented by Dr Danish in his TV program, Jawab Chahiye, at 92 News TV on 12 July 2018, as half cooked and with mala-fide intention to mislead the public.

PSO, in fact, is highly concerned about timing of the execution of the program and when PSO has been extending its fullest cooperation and repeatedly clarifying the facts. PSO will also look into the misappropriation of the facts as a deliberate attempt from the program team to make the matter controversial. However, in order to keep the fact straight, PSO categorically refutes all the allegations levelled against the company and its management and states that:

“To again clarify the allegations levelled by the program host, PSO would like to only mention that the MD and CEO of PSO was hired following a competitive process as per policies and procedures with requisite approval of the Competent Authority. Hiring of the PSO MD and CEO was based on approval of the competent authority (Prime Minister) and with consent of the MoF, the Establishment Division and the MoE on summaries presented to the PM. It is important to note that the appointment of the Managing Director of Pakistan State Oil Company Limited (PSO) is prerogative of the Government of Pakistan and governed by the provisions of Section 6 of the Marketing of Petroleum Products (Federal Control) Act, 1974.”

“The anchor thinks that LNG is a non-oil product hence does not fall under PSO’s broader umbrella of businesses. This perception is incorrect in its absolute sense. The Marketing of Petroleum Products (Federal Control) Act, 1974 (“Act”) does not impose any limitation on PSO to undertake LNG business. In addition, the Act does not specifically restrict PSO from entering into new businesses that are allowed by its Object Clause as under the Companies Ordinance, 1984 a company can undertake businesses for which it has the capacity in terms of the object clause of its Memorandum of Association (Object Clause). Even otherwise if the definition of petroleum products would be observed to restrict the term, PSO may not have been engaged in the business of other products like CNG, LPG, Petrochemicals and Lubricants.

“Program host has mentioned that the agreement on PSO website is not G to G and alleged that the agreement is between the Govt. of Pakistan and a private Qatar based organization, namely Ghanva. This allegation is totally baseless and a lie as the Long term LNG Sale Purchase Agreement is the version signed between Government nominated entities and presented to the Chairman Senate by the Prime Minister.

“Additionally, Pakistan State Oil Company Limited (PSOCL) and Qatar Gas Operating Company Limited (QOCL) were nominated by respective governments upon the ECC approval in July 2013 to negotiate with QatarGas on G to G basis for import of LNG up to 500 mmcfd on DES basis. Subsequently the Ministry of Power and Natural Resources (MoPNR) nominated PSO. The Government of the State of Qatar also nominated QatarGas to negotiate the Long Term LNG Sale and Purchase Agreement and for this purpose, an Agreement in Cooperation in Energy Sector between the Government of the State of Qatar and the Government of Islamic Republic of Pakistan has been signed after the GOP approvals.

“The SPA also confirms G to G arrangement, the following is being reproduced from SPA for an immediate reference purpose:

Quote
“THIS LONG TERM LNG SALE AND PURCHASE AGREEMENT is made on 8 February 2016 BETWEEN:

(1) QATAR LIQUEFIED GAS COMPANY LIMITED (2), a joint stock company incorporated under the laws of the State of Qatar and whose registered office is at PO Box 22666, Doha, Qatar (the “Seller”); and

(2) PAKISTAN STATE OIL COMPANY LIMITED, a limited company organised and existing under the laws of Pakistan and whose registered office is at PSO House, Khayaban-e-Iqbal, Clifton, Karachi-75600, Pakistan (the “Buyer”).

WHEREAS:

(A) The State of Qatar and the Islamic Republic of Pakistan (“Pakistan”) have entered into an “Agreement in Cooperation in Energy Sector” (the “G to G Agreement”) pursuant to which they wish to effect the long-term supply and purchase of LNG between their two countries to reduce the gas deficiency in Pakistan (the “Project”);

(B) Pursuant to the G to G Agreement the Buyer and QatarGas Operating Company Limited (“QatarGas”) have been designated by their respective Governments to implement the Project.
The Buyer is under the direct control and supervision of the Government of Pakistan through the Marketing of Petroleum Products (Federal Control) Act 1974. Qatar Petroleum, the State of Qatar’s national oil company, holds a majority shareholding and controlling interest in QatarGas;”

Unquote

“The host has also tried to allege that the contract on PSO website is a fake document. This is frivolous statement and suggests that the program team has failed to balance their facts through a thorough research.

“In response to the question that in what capacity did MD PSO sign the agreement and that the agreement was signed with a Qatar based institution namely Ghanva, the company would state that there is no agreement executed between PSO and Ghanva, as alleged in the program. The ECC, in August 2014, constituted LNG Price Negotiation Committee (PNC) comprising of Secretary Petroleum (Chairman), Representatives of Finance Division, Water and Power and BOI not below the rank of Additional Secretary, Managing Director SNGPL, Managing Director SSGCL, Managing Director PSO and Managing Director ISGSL (Secretary Committee). PNC was supported by the international Legal and Commercial Consultants M/s. Watson Farley and Williams LLP (WFW) of UK and M/s. Facts Global Energy (FGE) of USA respectively.

“PNC after having held series of meetings with QatarGas finalized the price and key commercial terms of the Long Term LNG SPA with QatarGas. The PNC report along with salient features of the QatarGas SPA were presented to the ECC in its meeting held on 13th January 2016 wherein ECC considered and accorded in principle approval of the recommendations made by PNC and also allowed PSO, as Buyer to execute the Long Term LNG SPA with QatarGas as Seller pursuant to Government to Government agreement as per due process.” PSO and its management reserves the right to take an appropriate legal action and challenge the proceedings discussed in the program at an appropriate forum.

June 27, 2018

Pakistan State Oil leading fuel brand among car and bike users across Pakistan: PakWheels Report 2017

Karachi, June 27, 2018 (PPI-OT): Pakistan State Oil, the nation’s largest and most trusted Oil Marketing Company, has won two of PakWheels’ latest People’s Choice Awards in both car and bike categories. The awards are based on PakWheels Automobile Industry Survey Report 2017 for which the automobile website collaborated with the LUMS Centre of Research. For the first time, the survey includes an entire section on bikes to give a truly complete picture of the industry and its latest trends.

PSO has won and maintained the trust and loyalty of millions of its customers present in every length and breadth of the country with seamless supply of fuels amid the toughest of situations and relentless quality control. Being the nation’s flagship Oil Marketing Company, PSO takes it as a responsibility to deliver the very best to its customers. The company continues to play its leadership role in transforming the fuels landscape in Pakistan.

PSO became the first mover of higher RON grade fuels in Pakistan with the launch of RON 92 fuels in 2016, and recently the RON 97 range of fuels. As per the report, PSO dominates when it comes to choice of fuels among car as well as bike users nationwide. Of the 77% car owners who use standard fuels, 35% prefer PSO fuels; and of the 23% premium fuel users, 35% choose PSO. Similarly, out of 89% bike users who use standard fuels, 36% choose PSO; and of the 11% premium fuel users, the choice of 34% bikers is PSO.

Furthermore, Pakistan State Oil also holds a prominent place in the bike motor oil category with a large market share. The survey report from the largest online marketplace for car shoppers and sellers in Pakistan is a testament to PSO’s dominance and prominent share in the fuels market. PSO believes that it is the unyielding trust and loyalty of its customers that make it the leading fuel brand in Pakistan. The achievement simply adds to company and #39;s passion and energy to do even more to serve customers better through expanding its footprint further, improving quality of fuels, and introducing new products that cater to their evolving fuelling needs.

May 28, 2018

Pakistan State Oil Launches RON 97 Fuel in Pakistan

Karachi, May 28, 2018 (PPI-OT): Pakistan State Oil (PSO), in its quest to improve the quality of fuel in Pakistan, has upgraded its portfolio with the inclusion of the RON 97 high octane petrol under the brand name “Altron X Hi-Octane 97”. RON 97 delivers superior performance to vehicles for a smooth and knock-free drive. The higher-grade RON results in extended engine life and reduced maintenance costs. As they result in better engine hygiene, the new RON 97 from PSO reduces the environmental impact due to lower emissions.

Additional benefits of the new product range include better mileage, enhanced engine performance and a great driving experience for the consumer. Being Pakistan’s flagship oil marketing company, PSO played a key role in materializing the vision of the Government of Pakistan and the Ministry of Petroleum and Natural Resources (MNPR) by introducing higher grade RON fuels in the country for the very first time in November 2016.

Speaking about the introduction of Altron X Hi- Octane 97, Sheikh Imranul Haque, MD and CEO, PSO, said:

PSO is the most trusted Oil Marketing Company of Pakistan and we have earned that status by delivering the best fuel products to our customers in the hardest of situations. The launch of Altron X Hi- Octane 97 is yet another testament to Pakistan State Oil’s commitment to effectively meeting the changing needs of our consumers with fuel products that are at par with global standards. While we cater to the evolving fuel needs of contemporary vehicles, our new higher RON fuel products also ensure lower emissions, responding positively to the urgent need for environment-friendly fuels. In addition to environment preservation, the cleaner fuel also means a cleaner and healthier engine which will drastically reduce the cost of maintenance.

Improving fuel quality, and meeting the nation’s energy requirements have been key constituents of Pakistan State Oil’s mission, both of which are efficiently met by the company. Pakistan State Oil pledges to undertake initiatives that enhance our consumers’ fuelling experience and ensure nationwide availability of all its products. RON 97 fuel products are currently available at selected PSO outlets across the country.