With the government’s support the Pakistan State Oil (PSO) for the first time in years managed to clear its overdrafts.
The state-run oil giant now has a net surplus cash position of Rs 2.1 billion, thanks to the government that ensured the payment of billions to the PSO under the lingering circular debt.
Addressing company employees at PSO House, Naeem Yahya Mir, CEO and MD PSO, said the company had registered high profits in each of the three quarters of the FY13 and would hopefully continue to perform well in the future as well.
He reiterated the vision he had outlined for PSO last year which envisioned transforming the company into an integrated energy company. Following this he mentioned some of the key initiatives undertaken at PSO in the past year.
These included signing a contract of affreightment for the transport of furnace oil with the Pakistan National Shipping Corporation as well as signing an MoU with the Khyber Pakhtunkhwa government for the establishment of 40,000 barrel state-of-the-art refinery in the province. He also took this opportunity to outline some of the alternative energy projects the Company was exploring which included signing of an MoU with Engro to look into the feasibility of exploring the Thar Coal project while also signing an MoU with the Balochistan government for establishment of a Jathropa plantation for bio-diesel cultivation in the province. At the meeting, the MD also shared with the employees an overview of his innovative ideas which had successfully been implemented in the past one year.
These included development of Biker’s Priority Lanes at PSO’s retail forecourts, the establishment of world’s first Community Owned Social Pump at District Jhelum and the inauguration of the first street under the Company’s “Street Support Program’ in Thatta, Sindh.
