Pakistan State Oil
“Market Cap $1.11 B As of May 2014
- Industry: Oil & Gas Operations
- Country: Pakistan
- CEO: Amjan Parvez Janjua
- Website: www.psopk.com
- Employees: 2,035
- Sales: $11.59 B
- Headquarters: Karachi
- #841 in Sales
Pakistan State Oil Co. Ltd. engages in the marketing and distribution of petroleum and related products. The company engages in the procurement, storage and marketing of petroleum products including motor gasoline, high speed diesel, furnace oil, jet fuel, kerosene, compressed natural gas, liquid petroleum gas, petrochemicals and lubricants. Its customer portfolio includes dealers, government agencies, autonomous bodies, independent power projects and other corporate customers. The company was founded on December 30, 1976 and is headquartered in Karachi, Pakistan.”
“Pakistan State Oil History
The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on January 1st; the government took over and merged Pakistan National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).
Soon after that, on 3rd June 1974, Petroleum Storage Development Corporation (PSDC) came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23rd 1976. Following that, the ESSO undertakings were purchased on 15th September 1976 and control was vested in SOCL. The end of that year (30th December 1976) saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil (PSO).
After PSO’s inception, the corporate culture underwent a comprehensive renewal program which was fully implemented in 2004. This program over the years included the revamping of the organizational architecture, rationalization of staff, employee empowerment and transparency in decision making through cross functional teams. This new corporate renewal program has divided the company’s major operations into independent activities supported by legal, financial, informative and other services. Inorder to reinforce and monitor this structural change, related check and balances have been established by incorporating monitoring and control systems.
Human Resource Development became one of the main priorities on the company’s agenda under this corporate reform.
It is due to this effective implementation of corporate reform and consistent application of the best industrial practices and business development strategies, that PSO has been able to maintain its market leadership in a highly competitive business environment.”
*Information from Forbes.com and Psopk.com
**Video published on YouTube by “ Saad Iqbal“