PSO’s 44th Annual General Meeting

Lahore (Muhammad Yasir) Pakistan State Oil (PSO), the nation’s leading Oil Marketing Company (OMC) convened its 44th annual general meeting on October 21, 2020 in Karachi. To ensure the health and safety of shareholders and employees in view of the coronavirus pandemic, the Company conducted the shareholders’ meeting virtually.

Mr Zafar I. Usmani, Chairman, Board of Management, PSO chaired the meeting with Chief Executive Officer & Managing Director PSO, Syed Muhammad Taha. Senior Company officials included Deputy Managing Director – Operations, Syed Jehangir Ali Shah, Senior General Manager – Marketing, Mr Shehryar Omar, Chief Financial Officer, Mr Imtiaz Jaleel and Company Secretary, Mr Rashid Umer Siddiqui.

FY20 was shaped by the massive global macroeconomic downturn caused by trade wars amongst the world’s economic powers and further aggravated by the coronavirus pandemic. PSO demonstrated its resilience and strength as a Company by fulfilling its obligations in an adverse operating environment and emerged stronger and more resolute in its service to the nation. Providing customers with critical services and ensuring the safety of all stakeholders have been the Company’s top priority.

As the nation battled the pandemic, PSO’s employees all over the country, at the frontlines and behind the scenes, worked tirelessly to ensure that the wheels of Pakistan’s economy stay in motion. During May-June, the Company imported an additional 550,000 metric tons of high speed diesel and 250,000 metric tons of motor gasoline to meet the demand. Where most OMCs struggled to cope, PSO managed the country’s supply chain single handedly and ensured an uninterrupted supply of fuel nationwide. Despite strong headwinds, the Company continued to stand tall as the market leader with a share of 44.3% in liquid fuels.

Leading the sustainable energy revolution, PSO became the first OMC to upgrade Pakistan’s fuel standard from Euro 2 to Euro 5 and commissioned its first electrical vehicle charging unit in Islamabad. The Company also added 50 new vision retail outlets in its footprint offering customers a wide variety of products and services under one roof. Chronic receivables from the Power Sector, PIA and SNGPL were reduced by PKR 13.1 billion which stood at PKR 185.2 billion as of June 30, 2020. PSO further strengthened its supply chain by increasing its shareholding in Pakistan Refinery Limited from 52.68% to 63.6%.

While addressing shareholders, Mr. Zafar I. Usmani, Chairman, PSO Board of Management said: “PSO remains the nation’s most trusted fuel provider, a coveted status bestowed upon us by millions of customers nationwide. Fulfilling our responsibility as the national flag bearer, PSO gave back to the society by committing PKR 180 Million in the fields of healthcare, education and community building through its CSR Trust. The Company has recently embarked upon on a journey of environmental stewardship through ground breaking initiatives which will play a vital role in ensuring a sustainable future for Pakistan.”

All the resolutions submitted for shareholder’s approval were adopted. The meeting concluded with a vote of thanks to employees, stakeholders, business partners, members of the Board of Management and the Government of Pakistan, especially the Ministry of Energy (Petroleum Division), for their support and guidance.