The history of Pakistan State Oil starts from mid-70s when the Government of Pakistan amalgamated three OMCs: Esso Eastern, Pakistan National Oil ( PNO ) and Dawood Petroleum as portion of its reorganisation program. It is considered as one of the most successful amalgamations in the history of Pakistan. The chief aim of the Nationalization of POL Giant was backed by the facilitation of the sensitive national issue of supplying fuel to Defense forces. Because, during the war of 1971, the state suffered from the job that no fuel company was interested to supply fuel to the Armed forces at that and the sensitiveness of the state was in really important status.
The than Federal authorities decided to nationalise three crude oil companies
along with direction control.
The company is the lone public sector entity in Pakistan that has been viing efficaciously with three multinationals companies which are supported technically by their parent organisation.
Pakistan State Oil Company Ltd ; is the largest oil selling company of Pakistan. It is engaged in the Storage, Import, Distribution and Marketing of Petroleum Products, Petrochemicals, Aviation & A ; Bunker Fuels, LPG and CNG Dominates the Country ‘s Fuel and Energy Need.
Since its origin in 1976 the company has been run intoing more than 70 % of the state ‘s fuel demands. PSO ‘s 3805 mercantile establishments all across the state markets more than 12 million dozenss of fuel merchandises yearly. This web is supported by PSO ‘s 28 storage installations with a capacity of more than 800,000 dozenss. PSO took a major measure in bettering its distribution installations by geting 12 % equity in the 800km long Karachi-Mehmoodkot White Oil Pipeline.
As portion of PSOCLs policy of supplying better client service, it has embarked upon its New Vision of retail development plan. Equipped with the most modern installations like electronic distributing units, car auto wash, convenience shops, cyberspace installations and concern centres. These province of the art designed Stationss provide greater client assurance and a friendly environment. As a manifestation of PSOCL ‘s greater client focal point a PSO 24hr Customer Service has been launched where client ‘s can lodge their questions and suggestions about assorted PSO merchandises and services.
Along side its retail web, PSO is playing an every bit of import function in the industrial sector. From the engines of Pakistan Railways to the elephantine turbines of Power Projects, all are fuelled by PSO. Being to the full alive to its duties towards the agribusiness sector PSO ‘s 700 strong bureau web helps maintain the PAKISTAN STATE OIL COMPANY
farm machinery running. Further, its kerosine gross revenues are a major beginning of energy
for the rural and missing gas installations.
Pakistan State Oil Company Limited remains every bit strong in Aviation and Bunker Gross saless. PSO has been invariably upgrading its installations to function a broad scope of commercial aircrafts. Through a concatenation of eight Aviation Service Stations scattered all across the state PSO fuels the aircrafts of many local and international air hoses. Acquisition of new Lahore Terminal Complex at the Lahore International Airport has enabled PSO to function the busiest corridor of East/West edge flights profiting the air hoses in form of clip salvaging and lesser fuel burn off. While it ‘s bunkering installations at all the major ports of state make full up the ocean line drives of many nationalities easing the state ‘s international trade.
In its enterprise to supply quality lubricators, PSO has formed an confederation with world-renowned company Castrol whose merchandises are manufactured at PSO ‘s ain ISO 9000 certified installations guaranting the highest quality criterions for both retail and industrial gross revenues.
More affable relationship with its traders is one of the of import aims of PSO ‘s New Vision Program. To give them a sense of engagement PSO has instituted “ TOP DEALER AWARDS ” and “ MILLION LITER AWARDS ” whereby attempts of the high acting traders are recognized.
Emergence of Health Safety & A ; Environment ( HSE ) as the corner rock of PSO ‘s corporate administration testifies to its committedness to environmental protection. Complete HSE Certification of all its installations and installings is one of its major ends for the approaching months, which are being smartly pursued.
Denationalization of Pakistan State Oil Company Ltd ; is afoot whereby JP Morgan ‘s fiscal consultative pool is helping the Government of Pakistan in the denationalization procedure. They have undertaken the initial due diligence including fiscal and regulative issues and subsequent to which the involvement of the possible investors in the dealing will be solicited.
Pakistan State Oil ( PSO ) is the oil market leader in Pakistan enjoying over 79 %
portion of Black Oil market and 58 % portion of White Oil market. It is engaged in import, storage, distribution and selling of assorted POL merchandises, including Mogas, HSD, Fuel Oil, Jet Fuel, Kerosene, LPG, CNG and petro-chemicals. This bluish bit company, the victor of “ Karachi Stock Exchange Top Companies Award ” and a member of World Economic Forum, has been a popular subject of instance surveies in Pakistan and abroad based on its extremist corporate turnaround over the last few old ages.
Excellence in Customer Service
PSO serves a broad scope of clients throughout Pakistan, including retail, industrial, air power, Marine and government/defence sectors. Professionals at PSO strive for supplying odd and diverse services to the clients in line with PAKISTAN STATE OIL COMPANY
best international patterns. PSO ‘s state-of-the-art New Vision retail mercantile establishments are equipped with the most modern installations, including car auto wash, electronic distributing units, convenience shops, concern Centres, cyberspace installations and Easy Payment Centres for payment of public-service corporation and Citibank recognition card measures. The construct of Quick Oil Lube Vans introduced by PSO, provides the lubricant alteration installations at clients ‘ doorsills.
About 21 Mobile Quality Testing Units guarantee top of the line quality of merchandises and services. As advanced client service enterprises, PSO has launched Loyalty Card, Corporate Card, Fleet Card and Prepaid Card. These cards provide added convenience, flexibleness and security to the clients while enabling them to gain redeemable trueness points and avail attractive price reductions for purchase of non-petroleum merchandises at a big figure of merchant mercantile establishments in assorted metropoliss on usage of Loyalty and Corporate Cards.
For efficient handling of client ailments, questions and suggestions, PSO has developed Customer Service Centres at all its 14 divisional offices. Furbished with a toll free telephone figure ( 0800-03000 ) and automated client feedback enrollment system, these centres provide an efficient system of 24-hour client attention. An attractive and comprehensive PSO web site ( World Wide Web. psocl.com ) is available as a beginning of PSO-related intelligence and information.
Entire Quality Control
PSO has been run intoing the state ‘s fuel demands by unifying sound concern sense with national duty. In order to fulfill the clients ‘ demands while guaranting the highest quality of merchandises and services, PSO has introduced entire quality direction system in its operational activities. Consistent conformity to order criterions and specifications across the whole scope of activities from reception, storage, transit and bringing of merchandises is the basis of PSO ‘s quality direction system. In add-on to quality confidence in upkeep and care of bing installations, conformity with quality criterions is ensured in PAKISTAN STATE OIL COMPANY
building of new installations like late developed state-of-the-art installations for
Aviation clients at Lahore Airport
Health, Safety and Environment
Guaranting the wellness and safety of PSO employees, contractors, clients and members of public likely to be affected by the Company ‘s operations is one of the basic corporate aims, and as a precedence it ranks every bit with market portion and net income. Consequently, it is the Company ‘s policy to execute work in the safest operable mode, consistent with best industrial patterns while adhering wholly to the demands of wellness and safety codifications and patterns.
Short History of PSO
Chronology of Events taking to the formation of: Pakistan State Oil Co. Ltd. ( PSO )
Federal Government takes over direction of PNO ( Pakistan National Oil ) and DPL ( Dawood Petroleum Limited ) , renamed into POCL ( Premier Oil Company Limited ) under selling of Petroleum Products ( Federal Control ) Act, 1974.
Government incorporates “ Petroleum Storage Development Corporation ” PSDC.
Name of PSDC changed to State Oil Company Limited ( SOCL ) .
Government purchases ESSO Undertakings, vests their control in SOCL.
( State Oil Company Limited ) and names it as Pakistan State Oil Company Limited
( PSO )
ORGNIZATIONAL STRUCTURE OF COMPANY
We believe that excellence in our nucleus activities emerges from a passion for fulfilling our clients ‘ demands in footings of entire quality direction. Our first end is to retain our corporate leading.
We endeavor to accomplish higher collective and single ends through squad. This is
inculcated in the organisation through effectual communicating.
We are an Equal Opportunity Employer pulling and enrolling the finest people from around the state. We value part of persons and squads. Individual parts are recognized through our wages and acknowledgment plan.
We uphold our values and Business Ethics rules in every action and determination. Professional and personal honestness, dedication and committedness are the landmarks of our success. Open and crystalline concern patterns are based on ethical values and regard for employees, communities and the environment.
We are committed to uninterrupted betterment, both in New Product and Processes as
good as those bing already. We encourage Creative Ideas from all stakeholders.
We promote Health, Safety and Environment civilization both internally and externally. We emphasize on Community Development and aspire to do society a better topographic point to populate in extremely ethical, safe environment friendly and socially responsible concern patterns.
PSO – Departments
With a position to protect the company as a corporate entity and in order to safeguard the company involvement and place against all kinds of judicial proceeding and other legal affairs, the legal section has, as portion of its part to the organisation ‘s corporate administration and in order to take necessary, calculated, effectual and successful steps and to get the better of the defects & A ; failings came up with a figure of aims and in order to accomplish the same adopted legion schemes, and as a consequence of the execution of such schemes the legal section has managed to accomplish figure of achievements.
Particular Projects Department
The Retail Construction section has been responsible for the development of New Vision Retail and Consumer Outlets throughout Pakistan since the origin of the New Vision Programme in 1999. During the past 5 old ages PSO completed a entire figure of over 1000 NVRO ‘s and another 200 mercantile establishments will be developed during the current financial twelvemonth. Mercantile establishments are constructed on fast track footing with some mercantile establishments finishing within 30 yearss. One mercantile establishment was completed in 15 yearss – an industry record in Pakistan.
Retail installations section has ever played a critical function in advancing company image through better up support of retail outlets- particularly New Vision Retail Outlets ( NVRO ‘s ) and made important parts in companies strive to derive market portion by agencies of decreased forecourt downtime.
Corporate Planning Level
This is no longer a intelligence that PSO ‘s corporate development has been widely acknowledged as one of the most dramatic illustrations of corporate turnaround in the universe. Today, PSO is a popular subject of instance surveies in Pakistan and abroad and one of the most sought out beginnings of corporate advice and counsel in the state. Several major concern endeavors have obtained permission to retroflex PSO ‘s Corporate Planning theoretical account. Based on its corporate excellence, PSO ranks among top planetary companies by manner of its rank of the World Economic Forum. Qualification for the Forum ‘s rank, based on stringent and frontward looking standards, is a alone differentiation for PSO as a Pakistani company.
This unprecedented degree of corporate achievement and such a high international ranking achieved by a Pakistani company is a merchandise of professional teamwork and outstanding corporate leading. Nevertheless, the narrative of PSO ‘s planetary Renaissance would be uncomplete without due acknowledgment and recognition of the dedicated professional support of a really high quality provided by the freshly established Corporate Planning section ( CP ) of PSO, based on first makings and high-ranking international exposure of CP squad.
The legendary rise of PSO to planetary skyline, punctually decorated by planetary acknowledgment of corporate excellence, involved dedicated difficult work of highest professional criterion in the undermentioned wide countries:
Constitution of a robust model of the state-of-the-art systems and processs of
corporate planning, direction and public presentation reappraisal
Without a well-established and competitory model of corporate systems, no company can accomplish such a high professional ranking that PSO has achieved. Normally, the companies get such systems developed on a turnkey footing by external advisers, based on payment of heavy fees and disbursals. PSO has a alone differentiation of developing and seting in topographic point such systems through in-house teamwork. CP played a cardinal function in this respect. The in-house systems development enabled PSO professionals to internalise the systems
Today, PSO ‘s planning and direction construction is extremely regarded. In add-on to explicating PSO ‘s first of all time Corporate Plan in line with best concern patterns, CP assisted all the sections of PSO in developing their programs. Today, every section of PSO, peculiarly each concern unit, has a robust concern program. Together, the Corporate Plan and departmental programs form a cohesive, dynamic and internationally competitory strategic model for good corporate administration.
PSO ‘s systems and processs have been extensively reviewed and evaluated by taking international organisations and persons, who have been involved in survey and due diligence of PSO ‘s corporate development. While admiting PSO ‘s singular corporate transmutation in categorical footings, the independent international Financial Advisory pool, JP Morgan, made particular mentions in their Information Memorandum to the elements of reform established by CP. That Memorandum, circulated around the universe, contained the undermentioned statement:
“ Significant advancement has been made towards seting in topographic point the basic model for corporate reform in line with the modern constructs and patterns. This includes streamlining the investing planning procedure, developing a theoretical account for business-wise and product-wise profitableness analysis and developing a comprehensive corporate program. ”
Subsequent to the appraisal by JP Morgan, several extra systems and theoretical accounts have been developed at PSO, including the Corporate Performance Reporting System ( CPR ) and the Capital Resource Planning, Management and Optimization System ( Capex System ) . CPR operates by manner of obtaining and analysing up-to-date gross revenues and expense information associating to merchandises and concern units, interpreting that information into comparable benchmarks and carry oning comparing of the present degree of public presentation with past and planned degrees of public presentation.
CPR is a powerful analytical tool and control mechanism, which serves as a watchdog to guarantee that execution of the Corporate Plan is on-course and the public presentation mileposts are achieved in a timely mode. It helps reconceptualise the corporate concern and set up primacy of Strategic Business Units with clear allotment of duty and answerability. Capex System facilitates understanding, development and execution of Investment Plan every bit good as online direction of capital resources. It helps extinguish the hassle-factor inherent in manual budget operation, including appropriation, re-appropriation, re-allocation, eventuality use, record rapprochement, coverage, and periodic monitoring & A ; reappraisal.
While functioning as Secretariat of PSO ‘s Management Committee ( Man-Com ) , CP helped redefine the function and reconstitute the operations of Man-Com to transform it into an establishment playing a polar function in PSO ‘s corporate reclamation and market success. Presentations to Man-Com utilize numeral and in writing word pictures of how the company measures up non merely against the industry but besides against itself. Meetings of Man-Com provide utile corporate exposure and larning chance to immature professionals, who are encouraged to take part and show in the meetings.
In acknowledgment of PSO ‘s glaring advancement and significance of CP ‘s aid in this respect, Mr. Amjad Parvez, General Manager, CP, received invitations to talk at taking concern schools of USA and UK. Professor Thomas W. Dunfee invited Mr. Amjad Parvez to talk at the Wharton Business School, USA, in the undermentioned words:
“ I am delighted to ask for you to take part as a invitee lector in my category aˆ¦ the PSO instance
you are showing will heighten the class and promote category treatment. ”
Compilation of PSO ‘s corporate achievements in footings of scheme, construction,
procedures and public presentation
This is a requirement to sustainable market leading and professional acknowledgment of a company. Higher professional and scholarly circles give serious consideration to corporate reform initiatives merely if they are carried out in context of classical and neo- classical direction and organisation theories and within the model of comparative research on corporate transmutation. Such corporate mold and research is undertaken by universe ‘s prima companies, either by set uping internal R & A ; D units equipped with equal professional resources, or by delegating the work to international consulting houses. It is yet another differentiation of PSO to set about and successfully finish this work in-house, without external consultative support. CP played a critical function in this respect.
CP developed a corporate theoretical account to work as a finishing touch on PSO ‘s transmutation enterprises. This theoretical account tracks success from corporate policies and direction behaviour through employee attitude to client satisfaction and fiscal public presentation. It provides an effectual model for analysing assorted elements of PSO ‘s corporate reclamation plan in context of classical and modern research. This corporate theoretical account triggered and facilitated assorted landmark surveies on PSO every bit good as consideration and acknowledgment of PSO ‘s achievements by international forums. This exercising resulted in exponential rise in PSO ‘s professional repute and ranking.
In this context, internationally celebrated direction bookman Professor Roderick Martin acknowledged PSO ‘s singular corporate development, in the undermentioned words:
“ The way of structural alteration has been identified, which increased decentalisation, direction liberty and the alteration from trust on managerial authorization to teamwork and the deputation of duty. The intent of the structural alteration is to increase the flexibleness of the house and its ability to react to different market conditions. ”
In add-on to playing a critical function in commiting PSO ‘s corporate reform and procuring glistening acknowledgment benchmarks for the Company, CP orchestrated PSO ‘s success narrative as a instance of model corporate transmutation through presentations to concern professionals in seminars on best corporate patterns, and lectures at the advanced classs for senior authorities officers. CP ‘s relentless pursuit for corporate excellence marked a new epoch of professional dynamism and direction excellence in PSO. The consecutive moving ridges of value add-on, in footings of advanced and hi-tech systems, international surveies and planetary acknowledgments, rocked the corporate scene.
Aviation & A ; Marine
Our aim is to supply dependable, seasonably & A ; safe service to all our valued clients.
PSO is in proficient & A ; commercial coaction with Air Total International, Paris, one
of the largest oil companies of the universe.
Every twelvemonth PSO is directing 3 employees to France for Aviation preparation,
which keeps them abreast with the technological development in the industry
Our Valued Customers
We are proud to function both national & A ; international air bearers like Aero Asia, Aeroflot, Air France, Air China, Defence Aviation Wings, Emirates Airlines, Gulf Airways, Iran Air, Kuwait Airways, Pakistan International Airlines, Qatar Airways, Saudi Arabian Airlines, Shaheen Air International, Singapore Airlines, Swiss Air, Thai Airways and many other little carriers/charters etc.
In add-on to contractual clients, we besides accept carnet of Air Total International, Air
BP, WFS, UV Air, AVCARD. Aviation Department is proud that,
Our quality service has given us a market portion of approx. 70 % volume in
the air power industry of Pakistan.
We are in the procedure of acquiring ISO-9001/2000 enfranchisement for
Islamabad, Lahore, Peshawar, Multan & A ; Faisalabad Airports by 1st one-fourth of 2004.
Marine Business Line
Marine Business trades in merchandising of fuels to ships at Karachi & A ; Port Qasim and is besides
called the Bunkering Department.
There are 3 major fuels, which are used by the ships for their ain usage.
BFO ( Bunker Fuel Oil ) normally known as Furnace Oil.
MGO ( Marine Gas Oil ) normally known every bit High Speed Diesel.
MDO ( Marine Diesel Oil ) normally known as Light Diesel Oil.
Supply of DIESO F-76 ( Filtered HSDO ) to Pakistan Navy.
A particular quality intervention unit – Pre-coat unit was installed in July 1997 to provide full HSDO ( Dieso F-76 ) demands of Pakistan Navy for providing Clear and Bright Colour filtered HSDO, which non merely heighten the life of the machinery but besides helps in continuing a healthy pollution free environment.
High Speed Diesel
Light Diesel Oil
Gross saless Division
Product Movement-The Back Bone of PSO
PSO, being a flagship company, carries a strong and broad logistics web to provide 70 % of entire state ‘s demand of POL merchandises seasonably and expeditiously, from Karachi to the remotest countries of the state, through 29 storage points spread throughout the state. At present, most of the POL merchandise motion is carried through self-owned and outsourced armored combat vehicle lorries and rest through armored combat vehicle waggons and grapevines. Recently the equal handiness of alternate fuels like gas has drastically reduced the demand of Furnace oil by 50 % which has resulted in excess fleet of armored combat vehicle lorries and armored combat vehicle waggons.
FINANCIAL HIGHLIGHTS 2007
The Shell trade name name enjoys a 100-year history in this portion of the universe, dating back to 1899 when Asiatic Petroleum, the far eastern marketing arm of two companies: Shell Transport Company and Royal Dutch Petroleum Company, began importing kerosene oil from Azerbaijan into the subcontinent. Even today, the bequest of the yesteryear is seeable in a storage armored combat vehicle transporting the day of the month – 1898.
Shell Pakistan Ltd. recognizes five countries of duty. It is the responsibility of direction continuously to measure the precedences and dispatch these inseparable duties on the footing of that appraisal.
a. To stockholders Bs. To clients
c. To employee
d. To those with whom we do concern
e. To society
In the line of competition in Pakistan, PSO, Shell Pakistan and Caltex are major
rival to ane an others. PSO and Shell are condescending rivals with regard to same
merchandise in market.
SWOT ( Strength, Weakness. Opportunities, Menaces )
A state of affairs ( SWOT ) analysis is critical to the creative activity of any strategic program. The SWOT analysis begins with a scan of the external environment. Organization must analyze their state of affairs in order to seek chances and proctor menaces. Beginnings on information include clients ( internal or external ) , supplier, authorities ( local, province, international ) professional or trade association ( convention and exhibition ) , journal and studies ( scientific, professional and trade ) .
SWOT is the premise and facts on which a program will be based. Analyzed strengths and failings comprise the internal appraisal of the organisation. Assess the strengths of the organisation. What makes the organisation distinctive? How efficient is our fabrication? How skilled is our work force? What is our market portion? What funding is available? Do we hold a superior repute? Assess the failing of the organisation. What are te vulnerable countries of the organisation that could be explored/ Are our installations outdated? Is research and development adequate? Are our engineerings obsolete? What does the competition do good?
Analyzing chances and menaces comprises the external appraisal of the environment. Identify chances. In which country is the competition non run intoing client demands? What are the possible new markets? What is the strength of the economic system? What is the strength of the economic system? Are our challengers weak? Identify menaces. In which country does the competition meet client needs more efficaciously? Are at that place new rivals? Is at that place a deficit of resources? Are market gustatory sensations altering? What are the new ordinances? What replacement merchandises exist? The best scheme is one that fits the organisation ‘s strengths to chances in the environment.
The SWOT analysis is used as a baseline for the hereafter betterment, every bit good as spread analysis. Consisting the organisation to external benchmarks ( the best patterns ) is used to measure current capablenesss. Benchmarking consistently compares steps such as efficiency or result of an organisation against similar step from other internal or external organisation. This analysis helps uncover best patterns that can bee adopted for betterment. ( See cantonment, R. C & gt ; Benchmarking: The hunt for industry best patterns that lead to superior public presentation. Norcross, GA: Industrial technology and direction imperativeness 1993 ) Benchmaking with other organisation can assist place a spread. Gap analysis identifies the advancement required to travel the organisation can assist place a current capablenesss to its coveted hereafter province. In this manner, the organisation can accommodate the best patterns to better organisational public presentation.
Consumer ( Head Office ) – The First Marketing Department To Be
ISO 9001-2000 Certified
Industrial Consumer is proud to denote that we have achieved ISO 9001-2000 Certification for the Head Office. We are the first selling section at PSO to be ISO Certified.
This is a great accomplishment for Industrial Consumer Department. It will assist better our procedures every bit good as farther enhance our image with our clients. The Quality Management System will assist us streamline our procedures to better efficiency and be PRO-active instead than RE-active. This will straight profit our clients in footings of improved service quality.
Mills Business Gained
Pakistan Steel Mills is one of the most sought clients by OMCs in Pakistan. Having concern of Pakistan Steel Mills non merely adds prestigiousness to that peculiar OMC but besides significantly improves that OMC ‘s market portion and overall standing. Pakistan Steel Mills is the largest POL devouring fabricating installation in Pakistan. After long and intense series of dialogues, we have gained considerable concern of Pakistan Steel Mills.
degree Celsiuss )
PSO Fleet and
Corporate Card games
With a position to supply a Entire Solution to our IC clients, we have launched the PF & A ; CC in March 2003. This is a proficient and advanced merchandise geared towards better direction of IC clients ‘ fleet. Through the PF & A ; CC, the IC clients can use the services of the broad scope of Stationss in the major metropoliss. It offers convenience and time- economy to our client. The PF & A ; CC allows scene of recognition bounds through increased monitoring for the clients.
IC is Proud that
More than 2,000 industrial units & A ; concern houses are being catered through PSO ‘s
Industrial Consumer section
We are functioning all the bing industries in Pakistan through quality merchandises and
proficient back up We are using Fleet and Corporate cards for giving more benefits to our clients
IC Department is being ISO Certified to better the quality of service
We have a squad of well-qualified professionals who are dedicated to accomplish the undertakings
assigned to them most expeditiously.
Our people are our strength. We have a customer-focused attack to determination devising.
We believe in teamwork to carry through undertakings and promote authorising our squad to take
timely determinations. Together we work as a squad to accomplish our aims.
Power Projects Department
PSO ‘s Role in the Power Sector
The primary beginning for coevals of Thermal Power Stations is through Furnace Oil. The demand of FO depends on the electricity coevals from the FO powered workss after holding exhausted available coevals from Hydel, Gas, Nuclear and Coal resources. The ground being, FO coevals is the most expensive as compared to other beginnings.
In 1994, PSO was the lone OMC which made immense investing of around 2.2 billion and sharply entered the power sector and captured a market portion of about 88 % by providing merchandise to all power workss from its province of art oil installings at Zulfiqarabad and from up state Depots and Installations.
Founded in 1976, PSO has inherited a wealth of experience in oil selling from its
predecessor companies – PNO, POCL and SOCL.
With 32 terminals and terminuss, about 4,000 mercantile establishments and more than 8,500 enlisted armored combat vehicle lorries, PSO enjoys 67 % of entire market portion of crude oil merchandises in the state. A well-established substructure, at par with international criterions, provides PSO an border over
During the last 3 old ages, PSO has undergone a extremist alteration and has emerged with a new corporate mentality as a market leader with a long-run vision. It is a bluish bit company with market capitalisation of around Rs. 48-50 billion ( USD 825-860 million ) .
1. Corporate Administration Model
In order to set up good corporate administration model, the Ministry of Petroleum & A ; Natural Resources has reconstituted the Board of Management ( BoM ) of PSO by giving it the liberty to run the company on a professional and commercial footing. The Board comprises ten members – two each stand foring the authorities and the populace sector fiscal establishments, and six from the private sector.
The Board is responsible for direction and control of the company concern. It meets sporadically to follow with the statutory demands of the national statute laws and the Memorandum and Articles of Association of the Company, and to run into the demands of the stockholders. The Board is assisted by three Board Committees in its decision- devising procedure – the Board Audit Committee, the Board Finance Committee and the Board Human Resource Committee.
The Board Audit Committee reappraisals, amongst other countries, direction policies and patterns to guarantee adequateness and effectivity of the company ‘s system of internal controls. It besides reviews concern moralss misdemeanors, conflict-of-interest issues and abnormalities every bit good as direction ‘s conformity with relevant policies set by the BoM.
The Board Finance Committee reappraisals and evaluates the fiscal public presentation of the company every bit good as major undertakings and programs, based on economical viability or operational necessity, as directed by the Board of Management.
The Board Human Resource Committee is responsible for developing a sound organisational program for the company, and effectual employee development plans, compensation and benefits programs and policies that would assist pull and retain high quality professionals
PSO ‘s current BoM is to the full independent with the statutory powers under the Companies
In add-on to these Board Committees, the following commissions assist the Management
2. Fiscal Performance
Effective execution of corporate reform and concern development schemes, in line with best international patterns, enabled PSO to keep its market leading place in a extremely competitory concern environment. Consequently, PSO increased its market portion in cardinal merchandises, including Mogas, HSD and Jet A-1.
PSO ‘s gross revenues gross during FY03 surged to Rs.206.37 billion ; up by 13.2 % over anterior twelvemonth. The company earned highest-ever net income before revenue enhancement of Rs.6.21 billion, up by 20.9 % , while the net income after revenue enhancement reached an all-time high figure of Rs.4.03 billion, up by 26.4 % .
Based on this singular fiscal public presentation, the company announced a concluding hard currency dividend of Rs 7/- per portion ( 70 % ) to its stockholders, ensuing in entire dividend of 160 % for the whole twelvemonth, as against 130 % hard currency dividend plus 20 % fillip portions declared during the preceding twelvemonth.
The company spent Rs 1,643 million during FY03 to spread out its retail web and
enhance substructure along with ample outgo on information engineering.
During the period under reappraisal, PSO contributed about Rs.54 billion to the national treasury in footings of revenue enhancements, responsibilities, dividends and levies therefore back uping the authorities in its gross coevals marks.
Other public presentation indexs like Return on Assets, Return on Capital Employed and Return on Equity reveal that PSO has outperformed its rivals in footings of operating public presentation.
The company has ensured environment conducive to, and free from, gender favoritism and torment. Recently the direction enforced Gender Justice Code of Conduct for safe on the job status for one of the of import stakeholders of the company. This has contributed to further heightening the assurance of female employees.
The committedness to gender justness is practically reflected in PSO ‘s enlisting and publicity policy
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( Pakistan State Oil Company Limited )
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( Karachi Stock Exchange – Pakistan )
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Books and Journal
Annual Report of Pakistan State Oil Company Limited
VISSION – A PSO Magazine
Management – A Global Position