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Pakistan State Oil registered high profits in each of three quarters of FY13 and would hopefully continue to perform well in future as well: Managing Director

Karachi, July 10, 2013 (PPI-OT): Mr. Naeem Yahya Mir, CEO and MD – PSO held a communication meeting with Company employees at PSO House to look back at some of the key achievements of the past year, outline some of his upcoming projects and take employee feedback on PSO’s performance.

While addressing the employees, the CEO and MD highlighted the fact that with the support of the GoP, for the first time in years PSO had managed to clear its overdrafts with all of its banks and now had a net surplus cash position of Rs. 2.1 Billion. The MD further stated that PSO had registered high profits in each of the three quarters of the FY13 and would hopefully continue to perform well in the future as well.

Speaking at the occasion, the MD reiterated the vision he had outlined for PSO last year which envisioned transforming the Company into an integrated Energy Company. Following this he mentioned some of the key initiatives undertaken at PSO in the past year.

These included signing a Contract of Affreightment for the transport of Furnace Oil with the Pakistan National Shipping Corporation as well as signing an MoU with the government of Khyber Pakhtunkhwa for the establishment of 40,000 barrel state-of-the-art refinery in the province.

He also took this opportunity to outline some of the alternative energy projects the Company was exploring which included signing an MoU with Engro to look into the feasibility of exploring the Thar Coal project while also siging an MoU with the Balochistan government for establishment of a Jathropa plantation for bio-diesel cultivation in the province. At the meeting, the MD also shared with the employees an overview of his innovative ideas which had successfully been implemented in the past one year.

These included development of Biker’s Priority Lanes at PSO’s retail forecourts, the establishment of world’s first Community Owned Social Pump at District Jhelum and the inauguration of the first street under the Company’s “Street Support Program’ in Thatta, Sindh.

During the event, the MD also recognized some of the Company employees who had gone beyond the call of duty on behalf of the Company and distributed certificates of appreciation amongst these employees. At the conclusion of the meeting, the employees expressed their full fledged support to the management and pledged their support for all future projects.

Living up to its role as the nation’s leading Public Sector Company; PSO is committed to fulfilling the fuel needs of the country in a timely and responsible manner.

For more information, contact:
Naimatullah Behan
DGM – Public Relations
Pakistan State Oil (PSO)
PSO House, Khayaban-e-Iqbal, Clifton,
Karachi 75600, Pakistan
UAN: 111 111 PSO (776) Ext: 230

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