Pakistan State Oil Adheres to ECC Directives and Saves Precious Foreign Exchange

Date: December 20, 2012
Pakistan State Oil Adheres to ECC Directives and Saves Precious Foreign Exchange

Being the nation’s leading public sector organization, Pakistan State Oil (PSO), has always followed a strict policy of implementing the decisions of the government in both letter and spirit. PSO is proud to be the first national company to start bringing in imported POL products through the Pakistan National Shipping Corporation (PNSC). This has been done in light of the directives of the Economic Coordination Committee (ECC) which clearly state that all Government organizations should designate the national shipping line i.e. PNSC as their shipping partner of choice.

The national energy giant had recently signed a Contract of Affreightment (CoA) with PNSC to transport Furnace Oil from foreign ports to Pakistan's shores. Already this COA is bearing fruit and expected savings in one year are estimated to be approximately USD 25 million which shall translate into savings of USD 125 million in 5 years time span. Furthermore from March 2013, the company will start importing Motor Gasoline through PNSC on FOB basis. This will save another USD 10 million on an annual basis and in next 5 years estimated savings due to this arrangement are expected to be USD 50 million. PSO's partnership with PNSC  shall result in total savings of approximately USD 175 million over a time period of 5 years. This partnership between 2 national companies will not only save precious foreign exchange as outlined above but will also help in creating employment opportunities in the oil shipping business.

Committed to providing quality products and customer services, PSO, the national energy giant remains committed to providing the best for the public at large.