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Pakistan State Oil

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Pakistan State Oil (PSO)
Native name
قومی تیل پاکستان
Company typePublic
PSX: PSO
IndustryOil and gas
FoundedJanuary 1, 1974 (1974-01-01);
30 December 1976 (as PSO)[1]
Headquarters
Karachi[1]
,
Pakistan
Area served
Pakistan
Key people
Syed Muhammad Taha
(Managing Director and CEO)
Zafar.I.Usmani
(Chairman)
ProductsMotor gasoline (Mogas), high-speed Diesel (HSD), furnace oil (FO), jet fuel (JP-1), kerosene oil, Compressed natural gas (CNG), petrochemicals and lubricants
RevenueIncrease Rs. 1.4 trillion (US$4.8 billion)[2] (2021)
Negative increase Rs. 53.7 billion (US$190 million)[2] (2021)
Increase Rs. 29.14 billion (US$100 million)[2] (2021)
Total assetsIncrease Rs. 327.962 billion (US$1.1 billion)[3]
Total equityNegative increase Rs. 419.15 billion (US$1.5 billion) (2021)[4]
Number of employees
2,371 (June 2021)[2]
Subsidiaries
List
  • Asia Petroleum Limited
    Pak-Grease Co. Limited
Websitewww.psopk.com

Pakistan State Oil (قومی تیل پاکستان); reporting name: PSO) is a Karachi-based Pakistani state-owned petroleum corporation involved in marketing and distribution of petroleum products.[5] It has a network of 3,689 petroleum filling stations, out of which 3500 outlets serve the public retail sector and 189 outlets serve wholesale bulk customers. Pakistan State Oil is Pakistan's largest fuel marketing company.[1][6][5][7]

History

Main article: First Phase, Nationalization Programme

The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on January 1; the government took over and merged National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).[7]

Soon after that, on 3 June 1974, Petroleum Storage Development Corporation (PSDC) came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23, 1976. Following that, the Esso undertakings were purchased on 15 September 1976 and control was vested in SOCL. The end of that year (30 December 1976) saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil (PSO).[8]

After PSO's inception, the corporate culture underwent a comprehensive renewal program which was fully implemented in 2004. This program over the years included the revamping of the organizational architecture, rationalization of staff, employee empowerment and transparency in decision making through cross functional teams. This new corporate renewal program has divided the company's major operations into independent activities supported by legal, financial, informative and other services. In order to reinforce and monitor this structural change, related check and balances have been established by incorporating monitoring and control systems. Due to this effective implementation of corporate reform and consistent application of the best industrial practices and business development strategies, PSO has been able to maintain its market leadership in a highly competitive business environment. Pakistan State Oil delivers kerosene, light diesel oil and lubricants to consumers through over 500 distributors all over Pakistan.[7]

Company overview

PSO Headquarter in Clifton, Karachi

PSO controls a market share of over 60% of the total oil market with customer portfolio including dealers, government agencies, autonomous bodies, independent power projects and other corporate customers. It is involved in import, storage, distribution and marketing of a range of petroleum products including gasoline, diesel, fuel oil, jet fuel, LPG, CNG and petrochemicals.[7]

It was founded on December 30, 1976,[1] after Pakistan's government took over the management of Pakistan National Oil (PNO) and Dawood Petroleum Limited, Esso Eastern and renamed into POCL (Premier Oil Company Limited) for marketing of Petroleum Products. PSO is the first public company in Pakistan to pass the PKR 1 trillion revenue mark. Pakistan State Oil has been a member of the World Economic Forum since 2003.[7] Its primary listing is on the Pakistan Stock Exchange.[7]

The State-owned Pakistan State Oil Co. has 3,500 petrol pumps. Where as Cnergyico has 982 petrol pumps, Total Parco Pakistan Ltd. has 800 petrol pumps and Shell Pakistan Ltd. has 766 petrol pumps.[9]

The PSO posted 86 billion rupees of net profit in 2021-22 financial year.However, in 2020-21 PSO profit was 30 billion rupees.In the financial year ended 2021-22 thanks to all-time high petroleum imports of US 19 billion dollars for Pakistan the oil giant managed to up 196% of profits from last year.[10]

See also

References

  1. ^ a b c d Company profile of Pakistan State Oil on Forbes.com website Retrieved 14 September 2020
  2. ^ a b c d "PSO Annual Report 2021" (PDF). psopk.com/. Retrieved 21 March 2022.
  3. ^ "Financial Highlights | Pakistan State Oil".
  4. ^ "PSO.PK | Pakistan State Oil Co. LTD. Annual Balance Sheet - WSJ".
  5. ^ a b Saad Hasan (2 May 2015). "At the helm: Engro Elengy's Haque takes up reins of Pakistan State Oil". The Express Tribune (newspaper). Retrieved 14 September 2020.
  6. ^ "Pakistan State Oil (PSO): FY20 scarred by inventory losses". Business Recorder (newspaper). 2 September 2020. Retrieved 14 September 2020.
  7. ^ a b c d e f Pakistan State OIl – The Market leader with a vision Business Recorder (newspaper), Published 3 May 2004, Retrieved 14 September 2020
  8. ^ "Our History | Pakistan State Oil". psopk.com. Retrieved 7 February 2021.
  9. ^ "Cnergyico leaps ahead of Shell and Total to become largest private-sector fuel retailer". Profit by Pakistan Today. 16 January 2022. Retrieved 24 January 2022.
  10. ^ PSO profit 86 billion rupees
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