PSO's 30th Annual General Meeting

Shareholders appreciate PSO’s upbeat performance

KARACHI: Pakistan State Oil’s unprecedented financial performance during FY06 has proved that the company is fully geared to retain leadership in the fiercely competitive market environment.

This was stated by Mr Jalees Ahmed Siddiqi, Managing Director and Chief Executive Officer, PSO, in a presentation to the shareholders at the 30th Annual General Meeting (AGM) on September 21, 2006. The Chairman, PSO Board of Management, Mr Pervaiz Kausar, presided.

Mr Jalees Siddiqi informed the shareholders that despite various adverse factors, like global rise in oil prices, geo-political uncertainties, extreme weather conditions and intensified domestic competition, PSO gained fresh grounds and further consolidated its position in the marketplace.

Mr Pervaiz Kausar said that the company had achieved remarkable financial results because of aggressive, innovative marketing, dedication and hard work by the entire PSO team.

KARACHI: Mr Jalees Ahmed Siddiqi, Managing Director & CEO, Pakistan State Oil, answering a query from a shareholder at the 30th Annual General Meeting on September 21, 2006. Mr. Pervaiz Kausar, Chairman, PSO Board of Management (centre), presided the meeting, while Mr Yasin Malik, Member, PSO Board of Management (extreme right), Mr Yacoob Suttar, Executive Director-F&IT (extreme left), and Mr Hasan Shikoh, Company Secretary (2nd from right), were also present.

The chairman also appreciated PSO’s activities concerning corporate social responsibility, which have been recognized not only in Pakistan but also abroad. He also congratulated PSO management and CBA for reaching an amicable accord.

Mr Jalees Siddiqi dwelt at length on the initiatives that have made PSO a major success story and hoped that the company will sustain leadership in increasingly competitive market.

On the occasion, the shareholders congratulated the PSO management over its outstanding performance. They also appreciated the disclosures in the annual report and hoped that other competitors would also follow it.