Sep 282018
 
SC orders transparent NAB inquiry into LNG contracts, PSO affairs

The Supreme Court on Friday while hearing a case regarding an increase in oil and gas prices ordered the National Accountability Bureau (NAB) to conduct an independent and neutral inquiry into the matter. The court ordered the board of Pakistan State Oil (PSO) to submit a report on LNG contracts within 10 days and explain whether there was transparency in the agreements with Qatar. The court also ordered a report to be submitted on whether postings within PSO were made on the basis of merit or not. The court maintained that ‘favoured’ persons were posted in PSO and received hefty salaries while the country was looted of its wealth. The CJP enquired why the MD of PSO had received such a high salary and asked, “Was he Aristotle?” The top judge said that the former managing director (MD) of PSO received a salary of Rs2.1 million to which Justice Ijaz ul Ahsan added that he wasn’t the only one at PSO who was receiving a high salary. He said that the general manager (GM) of PSO received Rs1.4m, the GM for HR received Rs1.3m and the GM for Fuel received Rs1.3m. Justice Nisar said that all of them should be summoned to court and that details of expensive cars owned by PSO should also be provided. The SC expressed displeasure at the hiring of a private lawyer for the former MD of PSO. The CJP asked the lawyer how much his salary was to which the lawyer responded that he [Read More…]

Dec 052016
 

ISLAMABAD: The price of kerosene oil ought to be increased to stop petrol pumps from mixing the cheap oil with diesel, suggested Pakistan State Oil (PSO). The quest to trace root causes of corruption in the oil sector remained inconclusive in a Senate body meeting on Monday, as oil companies were blamed for weaker supervision, while the Oil and Gas Regulatory Authority (Ogra) cited stay orders from courts for failure to check mismanagement. The sub-committee of the Standing Committee on Petroleum and Natural Resources was astonished to note that many oil companies were selling more petrol and diesel than their storage capacity. PSO representative’s suggestion to increase kerosene oil’s price was met with criticism. “Tomorrow you will ask for the price of wheat to be increased for some reason – but adulteration does not happen because of the poor people who use the fuel, but because of you,” Senator Mir Muhammad Yousaf Badini said, adding, “Only because you or the people in this room do not use kerosene, you think it should be made costly.” Convener of the sub-committee Senator Taj Muhammad Afridi said, “There is so much mess in the oil sale business but both the oil companies and the regulator (Ogra) have failed to check the mismanaged state of affairs.” Published in The Express Tribune, December 6th, 2016. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation. The post Petroleum sector: PSO suggests kerosene price hike to prevent adulteration appeared first on The Express [Read More…]

Nov 222016
 

PAKISTAN STATE OIL: This is with reference to the letter published in The Express Tribune on November 16, 2016. We thank Mr Magoon for his interest in the processes of the company and compliances thereof. However, there is some factual misconception regarding the statements made about the dividend disbursement processes. We would like to clarify that as per SRO 920(I)/2008 dated September 3, 2008 dividend is to be paid within 30 days of its declaration. The dividends are declared/approved in the Annual General Meeting (AGM). The AGM of PSO was held on October, 21, 2016 and the dividend will be disbursed subsequent to completion of the due processes before the stipulated time period. PSO regrets any inconvenience caused. Being the country’s leading oil marketing company, PSO strives to take measures that are in the best interest if its shareholders, and regrets any inconvenience that may have been caused to them. Company Secretary, Published in The Express Tribune, November 23rd, 2016. Like Opinion & Editorial on Facebook, follow @ETOpEd on Twitter to receive all updates on all our daily pieces. The post PSO and its dividends appeared first on The Express Tribune.

Sep 122016
 
Abandoned by world, low-grade petrol runs Pakistan

ISLAMABAD: Ever wondered why even your brand new car does not perform optimally? Why your engine gives off knocking sounds in higher gear? And despite countless trips to an auto mechanic, why can your car just not be efficient? The problem lies in the fuel. The standard petrol used by the majority of Pakistanis is of such low grade that it is only consumed in Somalia in the world. This startling disclosure was made by Petroleum Minister Shahid Khaqan Abbasi in a recent meeting of the Economic Coordination Committee (ECC), the country’s highest economic decision-making body. Quality of petrol is measured in the amount of octane, normally indexed as the Research Octane Number (RON). In simple terms, the higher the octane number, the higher the performance of gasoline engines. Use of low-octane petrol leads to engine knocking. While fuel pumps across Pakistan continue to sell RON 87 petrol as the standard, the world moved ahead years ago with almost all countries now running at least on RON 92 petrol. Modern automobiles, especially those with super-charged engines, are designed to operate on RON 92 or even higher rated gasoline. The high octane blending content (HOBC) sold in Pakistan is RON 97. Officials say the Pakistani refineries produce poor quality petrol and the same quality is imported by the state-run Pakistan State Oil (PSO). International oil suppliers, they allege, export poor quality petrol to only Pakistan and Somalia and this is the reason the vehicles give low mileage and are inefficient. According to [Read More…]

Jul 122016
 
Market overview: Oil product sales rise 5% with shift to petrol from CNG

KARACHI: Sales of petroleum products picked up 5% to 23.37 million tons in the fiscal year ended June 30, 2016, led largely by cars shifting back to petrol from compressed natural gas (CNG), increased vehicle population and uptick in economic activities. Sales of motor gasoline, or petrol, which is mostly consumed in vehicles and home-based electricity generators, shot up 22% to 5.75 million tons. According to the Pakistan Automotive Manufacturers Association (Pama), another 167,507 passenger cars and 1.22 million motorcycles emerged on roads in the first 11 months (July-May) of the recently ended fiscal year. Sales of cars and motorcycles surged 22.5% and 19.34%, respectively, in the 11 months with many of them purchased on installments. According to data of the Pakistan Bureau of Statistics, a quantum jump was recorded in the import of power generators in July-May 2015-16. Imports rose 43% and 39% in rupee and dollar terms, respectively, to Rs7.79 trillion and $813.25 million. Sales of high-speed diesel, which is mostly consumed in passenger buses and vehicles having high-powered engines, rose 5% to 7.75 million tons in 2015-16. According to Pama, sales of jeeps, buses and coaches also rose notably during the first 11 months. Sales of furnace oil, however, dropped 3% to 8.9 million tons in 2015-16 as many power generation projects were shifted to gas from oil in recent months. Company-wise sales Pakistan State Oil (PSO) remained the market leader in terms of sales volume of petroleum products. However, Hascol emerged as a fast growing company that [Read More…]

Mar 032016
 
First Liquefied Natural Gas Ship Qatar deal arrives in Pakistan

Karachi, March 03, 2016 (PPI-OT):Pakistan and Qatar have inked a historic agreement in Doha for provision of Liquefied Natural Gas (LNG) to meet the growing energy needs of Pakistan. Under this deal, PSO will act as the sole LNG buyer for Pakistan keeping in view the company’s international credibility and expertise in the energy supply chain. The first vessel under the LNG deal reached Karachi port on 1st March, 2016. LNG shall be a major game changer for the energy outlook of Pakistan and this agreement with Qatar the world’s main LNG supplier shall secure Pakistan’s energy security. For more information, contact: Hasan Saeed Executive-Corporate Communications Pakistan State Oil (PSO) PSO House, Khayaban-e-Iqbal, Clifton, P. O. Box 3983, Karachi 75600, Pakistan UAN: +92-21-111-111-PSO (776) Ta’aluq Care Line: 0800-03000 Tel: +92-21-99203866-85 Fax: +92-21-99203835 Email: hasan.saeed@psopk.com Website: www.psopk.com

Dec 272015
 
Pakistan State Oil delegation visit SOCAR

Karachi, November 27, 2015 (PPI-OT): PSO delegation led by Sheikh Imran ul Haque, CEO and Managing Director, Pakistan State Oil (PSO) visited SOCAR and met SOCAR President Rovnag Abdullayev. Both the parties stressed upon developing relations between the two countries. Sheikh Imran ul Haque, CEO and MD, PSO said that they were interested in cooperation with SOCAR and would use current opportunities to elaborate joint projects. The meeting focused on prospects of cooperation in various fields of oil and gas industry, as well as oil and oil products trading. The parties discussed other issues of mutual interest. For more information, contact: Hasan Saeed Executive-Corporate Communications Pakistan State Oil (PSO) PSO House, Khayaban-e-Iqbal, Clifton, P. O. Box 3983, Karachi 75600, Pakistan UAN: +92-21-111-111-PSO (776) Ta’aluq Care Line: 0800-03000 Tel: +92-21-99203866-85 Fax: +92-21-99203835 Email: hasan.saeed@psopk.com Website: www.psopk.com