Honorable Minister for Petroleum and Natural Resources visits PSO head office

Karachi - 27th August, 2013: The Honorable Minister for Petroleum and Natural Resources, Mr. Shahid Khaqan Abbasi visited the head office of Pakistan State Oil (PSO). He was accompanied by the Minister of State for Petroleum and Natural Resources Mr. Jam Kamal Khan, Federal Secretary for Petroleum Mr. Abid Saeed and other delegates.

Mr. Amjad Parvez Janjua, Managing Director, PSO welcomed the delegates and provided a comprehensive briefing on the policy and regulatory environment of Pakistan's energy sector with a particular focus of PSO's role in energy sector development and customer service. The presentation covered various elements of PSO's supply chain and included details regarding the Company's geographical presence nationwide such as its well-established storage infrastructure, wide-spread retail network and dominant position in the majority of the POL product markets. The presentation also covered present and potential business challenges faced by the Company and the management's response plan. The delegates were further apprised of the management's efforts to align the Company's practices with the best industry practices and to ensure compliance with legal and regulatory framework. The management's focus on transparency and accountability in business operations and zero tolerance policy against corruption and violation of Company's Values or Code of Conduct was highlighted as well.

The Honorable Federal Minister commended the PSO management for their efforts to bring in best corporate governance & management practices and assured them of the support of the Government of Pakistan (GoP). The Federal Minister stated that the management of the Company will be autonomous to carry out their functions independently. However the government will oversee their functions as the majority shareholder and the BoM appointed by GoP will oversee the affairs of the Company as per the principles of corporate governance. The Minister apprised the management about the government's vision for the energy sector and indicated the potential role of PSO based on its leading position. He advised the management to develop a robust and comprehensive plan of Corporate Social Responsibility (CSR) for contributing to the nation's development.

Also speaking at the occasion, Mr. Abid Saeed acknowledged the dedicated hard work of PSO's management and workforce to support the government in meeting the energy sector challenges. MD-PSO thanked the delegates and ensured that PSO will play its role in energy sector development.

PSO in its role of being both a public sector as well as the largest energy company in Pakistan today is working day and night to take Pakistan forward to ever greater heights.