Pakistan State Oil holds its 36th Annual General Meeting

Date: September 26, 2012
Pakistan State Oil holds its 36th Annual General Meeting
KARACHI, September 26th, 2012: The nation's leading Energy Company, Pakistan State Oil (PSO) convened its 36th Annual General Meeting at a local hotel.

The event was chaired by Mr. Sohail Wajahat Siddiqui, Chairman-Board of Management (BoM) who congratulated the shareholders on being the proud owners of the nation's first trillion rupee company. Speaking on corporate governance and oversight mechanisms in place at PSO, the Chairman stressed that the Board is an extension of the shareholders and acts in a supervisory role to ensure maximum returns for the stakeholders. During his talk, the Chairman also thanked the employees for their hard work and dedication which has resulted in the company attaining ever greater heights.

At the occasion, Mr. Naeem Yahya Mir, CEO & MD-PSO gave a brief overview of the global oil market, the PSO's role in this market and the company's overall financial status. Moving further, the CEO & MD outlined his plan for developing a secure energy supply chain for Pakistan by transforming PSO into an integrated oil company and establishing it amongst the league of international oil giants. Keeping this in view he highlighted various long term projects which have been initiated by the company. Prominent among these initiatives' is the upcoming establishment of a petroleum refinery in KPK and a joint venture with an international oil conglomerate for setting up an oil off-loading and storage facility at Hub, Balochistan. The CEO & MD also gave brief details regarding an agreement with Pakistan National Shipping Corporation (PNSC) to utilize their vessels for transporting imported POL products to Pakistan's shores resulting in substantial savings of foreign exchange.

During the interactive session, the investors outlined continued concern over the financial charges being borne by the company due to the circular debt and its impact on dividend pay-out. The shareholders also advocated immediate recovery of outstanding debts and implementation of stringent quality and cost control measures. Acknowledging the points raised, PSO's Board and Management assured the shareholders that they were working closely with all relevant stakeholders to devise strategies to overcome these concerns.