|Date: July 15, 2019|
|The Honourable Special Assistant to the Prime Minister (Petroleum Division), Mr. Nadeem Babar, visited the PSO House in Karachi on Monday, 15 July 2019. Mr. Jehangir Ali Shah, Managing Director & CEO of the company and senior management of PSO welcomed him.|
Mr Nadeem Babar was comprehensively briefed by the PSO Management on role, positive contributions and performance of the national flagship oil marketing company over the last many years. The challenges including the circular debt increase in the taxation regime and thinning margins, ban on the new retail outlets development and its impact on the company's market share, increased smuggling of POL products and its impact in terms of loss to the exchequer and the industry, and other issues of mutual interests were discussed during the briefing.
The meeting also covered company's profile, its operational and marketing performance, organizational dynamics and various initiatives being undertaken by PSO to deal with ever changing business environment.
The Honourable Special Assistant to the Prime Minister of Pakistan, Mr Nadeem Babar, appreciated the spirit of PSO management and its workforce. He advised to continue doing business with strategic thrust in line with best corporate and marketing practices. Mr Babar also suggested the management to form a long term business plan of PSO focusing new avenues of business development in line with changing energy mix of the country.
On behalf of the Government of Pakistan, Mr Nadeem Babar assured the PSO Management with his fullest support for an early resolution of the chronic problems that have been negatively impacting the company's bottom line.
The management appreciated Mr Babar's commitment and assured that as the largest oil marketing company, PSO is committed to maximizing shareholders wealth, supporting the Government of Pakistan's energy sector reforms, fulfilling its corporate social responsibilities and continue to contribute in overall progress of country.