PSO adopts PNSC as its carrier


Pakistan State Oil (PSO) on Thursday boasted to be the first national company to import POL products through the Pakistan National Shipping Corporation (PNSC) PSO following the directives of the Economic Coordination Committee (ECC) which clearly states that all government organisations should designate the national shipping line i.e. PNSC as their shipping partner. The national energy giant had recently signed a Contract of affreightment (CoA) with PNSC to transport Furnace Oil from foreign ports to Pakistani shores. Expected annual savings by PSO are estimated to be approximately USD 25 million which shall translate into savings of USD 125 million in 5 years time. Furthermore, from March 2013, the company will start importing motor gasoline through PNSC on FOB basis. This will save another USD 10 million on an annual basis and in next 5 years estimated savings due to this arrangement are expected to be USD 50 million.