PSO – Page 5 – PPI News Agency

March 21, 2018

Managing Director Pakistan State Oil inaugurates new retail outlets in Multan

Multan, March 21, 2018 (PPI-OT):Sheikh Imran-ul-Haque, Managing Director and Chief Executive Officer of the nation’s largest oilmarketing company, Pakistan State Oil Company Limited, inaugurated two new retail outlets in Multan city. M/s. New Malik Brothers Petroleum Service Station is located at the Southern By-Pass, whereasM/s. Bismillah Petroleum Service Station is located at Muzaffar Garh, Mianwali Road.

These retail stations will offer quality petroleum products and non-fuel retail facilities to customers. MD PSO appreciated dealer’s commitment to PSO’s ambitious business growth strategy at the inauguration ceremony.Other than the inauguration of new retail sites, MD PSO also participated in Customer Care Day celebrations at M/S Mailed Fist Filling Station and M/S Model Town Filling Station. Mr Haque and management of PSO greeted visiting customers and collected feedback about company’s business initiatives to enrich customers experience in the city of Multan.

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

March 9, 2018

MD Pakistan State Oil visits Quetta, discusses business growth prospects with petroleum dealers, celebrates customers care day

Karachi, March 09, 2018 (PPI-OT): Mr. Sheikh Imranul Haque, MD and CEO, PSO, visited the Quetta city accompanied by senior company officials. During a busy business visit, he met with PSO’s local management, business partners and associates to further the company’s business prospects from a growth perspective. Mr Haque also had the opportunity to discuss future opportunities in line with PSO’s business initiatives, current issues and challenges faced by PSO business partners.

Pakistan State Oil (PSO), the largest public sector organization in the energy sector, also celebrated a Customer Care Day at the Carwan Petroleum Service Station, Chaman. The objective of celebrations was to honour the PSO customers, increase the company’s interaction with them and align broader business objectives according to customers’ preferences.

March 2, 2018

Pakistan State Oil offers Modern Non-Fuel Retail Services at New Shop Stop

Karachi, March 02, 2018 (PPI-OT): PSO, in its quest for excellence and market leadership, continues to rejuvenate the outlook and style of “Shop Stop”. The convenience stores provide ‘all in one’ retail services and aim to cater the needs of PSO customers by offering a wide range of products such as an early morning breakfast from the Espresso, a leading coffee house of Pakistan, to grabbing a glass of juice before hitting the gym from the Bar-Asinga, an emerging juice brand.

MD and CEO PSO, Sheikh Imranul Haque, shared features of the company’s non-fuel retail service while inaugurating the 10th upgraded Shop Stop convenience store at PSO’s petrol pump, Stadium Service Station, in Karachi.

Mr. Haque further said:

“Reports suggest that Pakistan’s retail sector stands around $50billion and has been growing faster than the economy in recent years. Realizing the huge potential in this domain, PSO has revamped the concept of its non-fuel retail stores into modern convenience stores designed on a customer centric approach.”

“Be it some quick purchases, a cup of coffee, birthday cake, hi-tea items, or fresh juice on the way, all new PSO ‘Shop Stop’ has it all. An ATM within the new Shop Stop also provides our customers a convenient and secure environment for financial transaction”.

Pakistan State Oil (PSO), is the nation’s largest energy company, and is currently engaged in the marketing and distribution of various POL products including Motor Gasoline (Mogas), High Speed Diesel (HSD), Furnace Oil (FO), Jet Fuel (JP-1), Kerosene, CNG, LPG, LNG, Petrochemicals and Lubricants.

February 21, 2018

PSO announces financial results for 1HFY18, Reports Rs. 8.5 billion profit after tax

Karachi, February 21, 2018 (PPI-OT): The Board of Management (BOM) of Pakistan State Oil Company Limited (PSOCL) has reviewed the performance of the Company for first half of the financial year 2017-18 (1HFY18) and is pleased to present its report thereon.

During 1HFY18, the market share of White Oil stood at 45.7% while market share of Black Oil dropped to 73% from 73.4% over Same Period Last Year (SPLY) and PSO’s overall market share in liquid fuel market was 55% (1HFY17: 56%). The Company continued to deliver healthy volumes in all the businesses except Furnace Oil that declined due to shift of Power Plants to LNG starting November 2017. The shift is a positive game changer in the country energy mix.

PSO imported 69% of industry imports while local Refinery upliftment improved to 39% (9% increase over SPLY). The first tank lorry to comply with OGRA and NHA standards was introduced. PSO is also the first OMC in Pakistan to launch a complete solution for card and account management via online console “Fuelink”. The Company was also honored by the Project Management Institute, USA with 1st runner-up award for the project “Cards end to end system development and migration”.

The Company has approached the relevant authorities on the matter of ban on development of outlets, inconsistent exchange rate for pricing of imported POL products, fuel adulteration, last day volume sales capping, delay in settlement of IFEM receivables since 2009, dumping at PSO’s Retail outlets, increasing product volumes from across the border and reduced product supply committed in Product Review Meetings by other OMCs during expected price increase. While PSO is committed to run the business in a highly professional manner, these matters are of concern and are affecting ethical business practices and level playing field in the industry with now 22 OMCs. PSO is also facing challenges that are hindering its growth due to expectation that the Company will keep country’s energy supply chain running when other OMCs reduce product availability.

The outstanding receivables challenge (inclusive of LPS) as of December 31, 2017 stood at Rs 313 billion (June 30, 2016: Rs 277 billion) against supplies to IPPs, GENCOs, PIA and SNGPL resulting in surge in borrowings to Rs 119 billion. The Management is continuously pursuing with MoE/MoF for early realization of outstanding dues and injection of funds. PSO received Rs 88.9 billion vs Furnace Oil supplies of Rs 115.6 billion during 1HFY18.

The Gross Profit of the Company increased by 5% to Rs 18.7 billion during 1HFY18 vs SPLY (volumetric increase of 8% despite reduction in Furnace Oil volumes). The Government of Pakistan had issued PIBs of Rs 46 billion to PSO in June 2013 as part of partial circular debt settlement. Maturity of these PIBs in July 2017 is the key driver for lower interest income (Rs 2.1 billion) and Profit after Tax (PAT) of Rs 8.5 billion in 1HFY18 vs Rs 10 billion during SPLY.

PSO express its sincere gratitude to all stakeholders and shareholders for their contributions and support. PSO also takes this opportunity to thank the Government of Pakistan, especially Ministry of Energy, Petroleum Division for their advice and guidance.

January 5, 2018

Pakistan State Oil donates funds for deserving child patients to receive treatment at The Aga Khan University Hospital

Karachi, January 05, 2018 (PPI-OT):Pakistan State Oil (PSX: PSO), the largest oil marketing company of the country, has donated Rs. 20 million to The Aga Khan University Hospital (AKUH) for treatment of at least 40 children from humble background who are born with Congenital Heart Disease (CHD). The announcement came during an official signing ceremony held at the University Hospital premises in Karachi.

Congenital Heart Disease (CHD) is a birth defect in the structure of the heart. Over 60,000 children are born each year with this life-threatening condition in Pakistan. The donations by PSO CSR Trust has been made through the Patients Behbud Society for AKUH (PBS), a charitable society responsible for collecting and disbursing zakat, in order to help mustehiq patients receive high quality medical treatment at The Aga Khan University Hospital, its clinics and medical centers.

Sheikh Imranul Haque, MD and CEO, PSO, presented the cheque of support on behalf of the PSO CSR Trust to Mr. Nadeem Mustafa Khan, Chairman, Patients Behbud Society for AKUH. Mr. Imran Rana, Deputy General Manager – Corporate Communications, PSO, signed and exchanged the Memorandum of Understanding with Mr. Nadeem Mustafa Khan. Mr. Hans Kedzierski, CEO, AKUH Pakistan, Mr. Babar H Chaudhry, Trustee from the PSO CSR Trust and other senior officials from both sides were also present to witness the ceremony.

Speaking at the ceremony, Sheikh Imranul Haque, MD and CEO, PSO said:

“This is unfortunate that 50,000 to 60,000 children are born with congenital heart diseases (CHD) every year in Pakistan out of which many die in neonatal life due to lack of proper medical treatment. We at PSO believe that children are the future of the nation. It is therefore our social responsibility to help provide quality healthcare facilities to them regardless of their background.”

“PSO thorough its CSR Trust is very pleased to partner with The Aga Khan University Hospital and its Patients Behbud Society. We have been regularly donating funds to save precious lives of children and will continue to play our role in making their lives safe and better.”

Mr. Nadeem Mustafa Khan, Chairman, Patients’ Behbud Society for AKUH, appreciated PSO’s support and reinforced the fact:

“AKUH is a very transparent hospital and the money which we will use on the needy patients we report back to the donors as the standard procedure. He further said that in 2016, AKUH has provided PKR 2.3 billion by benefitting more than 700,000 needy patients under its Patients Welfare and Patients’ Behbud Society programmes and we are expecting more than 20% increase in 2017.”

Dr. Babar Hasan, Service Line Chief of the Children’s Hospital, AKUH, said:

“AKUH is committed to providing quality health care facilities to the children of this country and is playing a very crucial role in providing access to not only paying patients but a large majority of needy patients who need financial support.”

Mr. Hans Kedzierski, CEO, AKUH, said:

“AKUH is a leading tertiary care hospital in the country that provides safe and high quality care to patients. Our quality is accessed by international accreditation bodies comprising JCIA (Joint Commission International) QIC (Quality Improvement Collaborative), CAP (College of American Pathologists) etc.”