|Date: February 27, 2018|
|February 27, 2018: Pakistan State Oil Company Limited (PSO), the largest Oil Marketing Company of the country, and the Institute of Business Administration (IBA), a leading higher education institution of Pakistan, have signed a Memorandum of Understanding (MoU) to support higher education of students from disadvantaged background. PSO CSR Trust has announced a grant of Rs. 3.3 million for PSO Scholarships to at least 10 IBA students. Mr. Shahzad Safdar, Trustee, PSO CSR Trust, and Ms. Malahat Awan, Head of Alumni Affairs-IBA, signed and exchanged the MoU documents. Mr. Yacoob Suttar, Chairman, PSO CSR Trust and other representatives from both sides also witnessed the ceremony held at the PSO House. |
PSO actively supports the cause of education at primary, secondary and higher levels. The company also funds technical education to support needy students from humble background. PSO CSR Trust’s initiatives in education include supporting needy students through scholarships, providing financial assistance to construct new and rehabilitate old infrastructure of educational institutions and giving financial aid to run dormant educational institutes in underserved communities.
As a responsible corporate citizen, PSO also supports various causes in health and community development areas as part of its philanthropic initiatives to benefit deserving communities.
Mr. Yacoob Suttar, Chairman of the PSO CSR Trust, said:
“The basic aim of this grant to IBA is to develop quality human resource in the country and support youth at the same time in pursuing career oriented education for professional growth. Besides this, the initiative also aims to bring the industry and the academia more close”.
Ms. Malahat Awan, Head of Alumni Affairs, IBA, said:
“The IBA is grateful to PSO and PSO CSR Trust for their continued support in ensuring that deserving and meritorious students get a chance to study without any financial restraints. We also hope that this relationship between the two leading organizations will be fruitful and enduring for the students, society, and the economy of Pakistan.”
Over the past six decades, the IBA has evolved into a multi-department institution for higher education, while remaining a premier business school. During 2016-17, approximately 787 students at the IBA received financial assistance worth Rs. 231.5 million. All financial assistance is provided on a need basis.