Senate Committee on Petroleum & Natural Resources Visits Pakistan State Oil

The Senate Committee on Petroleum and Natural Resources headed by Senator Mohammad Yousaf visited PSO House on Tuesday to review the performance and receive a briefing on the operational activities of the national energy giant.

Speaking at the briefing, Mr. Naeem Yahya Mir-CEO&MD-PSO appreciated the Senators visit and stated that being a national company it was important for PSO to take all steps to benefit Pakistan. The MD said that it was his vision to establish PSO amongst the leading oil conglomerates of the world and the best company in Pakistan. He also apprised the esteemed participants that as part of this plan, he wished to change PSO from a simple marketing and distribution company to a Global Energy company by developing an integrated supply chain which incorporates aspects of exploration, refining, transportation and shipping.

Following the welcome note, company officials provided the elected representatives with an overview of the oil industry including the supply and demand situation for various POL products amongst different sectors. They also provided a brief synopsis of the oil pricing mechanism in place and the notification process for the same. The MD-PSO followed this overview with some highlights of the recent initiatives and savings undertaken at PSO. This includes establishment of a refinery in Khyber Pakhtunwa and development of Corporate Social Pumps (2 in each province) and has also initiated the Street Sponsorship Program whereby 2 streets in low income areas of each province would be developed with state-of-the-art facilities and infrastructure to enhance the living standards of the inhabitants of the area.

He also said that the stories appearing in the media regarding the award of a fuel supply contract to Bakri trading without open tendering were baseless as this was the only company with blending facilities in Pakistan. Through this contract, both the company and the country would benefit as we would be paying the supplier in Pak. Rs leading to foreign exchange savings and purchase products at the prices set by the local refineries, this strategy has also allowed PSO to cut out the middle-men. He further stressed that all HR decisions at PSO are taken on merit and are in line with approved polices and procedures. All promotions which have taken place were done in line with the unified HR policy which stipulated written tests and interviews for all potential candidates.

The Senators appreciated the MD’s statements and said that all national institutions should work together for the interests of the country. They further provided important guidelines and directions to improve and strengthen certain important areas to achieve company goals. The MD assured the Senators that he is determined to improve the energy scenario in the country.

PSO in its role of being both a public sector as well as the largest energy company in Pakistan today is committed to meeting the fuel needs of the country in a timely and responsible manner.