Pakistan State Oil and Wallstreet 'A Pioneering Initiative'

Date: January 22, 2010
Pakistan State Oil and Wallstreet – ‘A Pioneering Initiative’

Pakistan State Oil (PSO) and Wall Street Exchange Company (WSE) have entered into an agreement whereby WSE will be establishing payment booths/branches at selected PSO retail outlets located throughout Pakistan. Through this venture, both PSO & Wall Street will facilitate disbursement of Home Remittances to a large population through PSO retail outlets that shall prove to be a safe, convenient and an easily accessible option to meet their financial needs.

The said agreement was signed at a ceremony at PSO House on January 20, 2010 by PSO's Executive Director - Finance and Information Technology, Mr. Yacoob Suttar, and Managing Director, Wall Street Exchange, Mr. Abdul Majeed Siddique. 

ED-Finance & IT, Mr. Yacoob Suttar welcomed PSO's joint venture with Wall Street and stated it as a great initiative in the direction of making PSO's retail outlets one-stop shops for the masses. He further said that such alliances capitalizing on PSO's extensive reach shall facilitate the 3 million customers that visit company's forecourts every day by providing them with further convenience. Such joint ventures shall result in enhanced customer satisfaction, he added. On this occasion, Director Operations, Wall Street, Mr. Ramzan Ali, said that Wall Street has had the honor of contributing 461 million dollars to Pakistan's national exchequer in the fiscal year 2009. With the alliance with PSO, the largest oil marketing company having the greatest reach nationwide, WSE aims to reach a larger audience and assist them in meeting their financial needs. This joint venture would also help the company in contributing a lot more to the national exchequer, he added.

Also present at the occasion were Mr. Jehangir Ali Shah, General Manager - Retail, PSO, Mr. Aziz Hemani, General Manager Finance, PSO, Mr. Faiz Durrani, Deputy General Manager Legal, PSO, Mr. Zafar H. Shakir, Head of Non Fuel Retail, PSO, Mr. Ramzan Ali, Director Operations, WSE, Mr. A. Qadir Moosani, WSE, and several other members of both the organizations.

PSO and WSE were optimistic that this Alliance would go a long way in enhancing the flow of Home remittances into the country through the mobilization of Fuel Stations that are spread across the length and breadth of Pakistan.