PSO is an iconic institution of Pakistan, the number of people we touch every day is extraordinary. With the talented people in the organization, a well-established storage and supply infrastructure and a wide-spread retail network, PSO has supported and ensured that the wheels of our nation’s economy continue to move. During FY 2015, we continued to dominate the market with our share of 66.6% in the Black Oil and 49.8% in the White Oil resulting in an overall market share of 56.8%. This is extraordinary given the challenges of the circular debt and the inherent continued expectation of PSO to be the facilitator that has to ensure readily and timely availability of fuel to the power, aviation, marine and transport sectors. This combined with limited maneuverability to compete in the market armed with tools available to any business today, restricts and hampers the nation's largest energy company to sustain its market leadership and strive to improve its market share. While focus on our core business of energy is to be intensified by fostering a culture of entrepreneurship and accountability, our next urgent objective will be to build on diversification initiatives in the cards, non-fuel retail and gaseous fuels to further deliver value to our shareholders.
Our targets are ambitious, and the business conditions for us are extremely challenging but undoubtedly PSO has the ability, confidence, courage and the platform to deliver results and higher returns to it’s shareholders in coming years. I joined the organization on September 01, 2015 and with reinstatement of key committees and forums, the management team is determined to make concentrated efforts in ensuring that processes at PSO are implemented in spirit and decisions taken on merit. In conclusion, I would like to thank our customers and stakeholders for their continuing support and loyalty and to the management and entire PSO team that has operated PSO in the past year and managed the challenges that it was confronted with through active support of MPNR and GOP. With that continued facilitation, the PSO team will deliver on its strategy and plans as we move forward. Our targets are ambitious, and the business conditions for us are extremely challenging but undoubtedly PSO has the ability, confidence, courage and the platform to deliver results and higher returns to it’s shareholders in coming years.