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Pakistan State Oil

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Pakistan State Oil (PSO)
Native name
پاکستان ریاستی تیل
Company typePublic
PSX: PSO
KSE 100 component
KSE 30 component
IndustryOil and gas
Predecessors
  • National Oil
  • Dawood Petroleum Limited
  • Premier Oil Company Limited
  • State Oil Company Limited
Founded1 January 1974 (1974-01-01);
30 December 1976 (as PSO)
Headquarters
Karachi
,
Pakistan
Area served
Pakistan
Key people
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. 3.39 trillion (US$12 billion)[1] (2023)
Decrease Rs. 24.36 billion (US$84 million)[1] (2023)
Decrease Rs. 5.66 billion (US$20 million)[1] (2023)
Total assetsIncrease Rs. 983.39 billion (US$3.4 billion)[1] (2023)
Total equityIncrease Rs. 216.56 billion (US$750 million)[1] (2023)
Number of employees
2,222[1] (2023)
ParentGovernment of Pakistan (22.47%)[2]
Subsidiaries
  • PSO Venture Capital
  • PSO Renewable Energy
  • Cerisma
  • Pakistan Refinery Limited (63.56%)
  • Asia Petroleum Limited (49%)
  • Pak-Grease Co. Limited (22%)
Websitepsopk.com

Pakistan State Oil (Urdu: پاکستان ریاستی تیل) is a Pakistani petroleum corporation involved in marketing and distribution of petroleum products.[3] 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. It is the largest fuel marketing company of Pakistan.[4][5][3][6]

History

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Main article: First Phase, Nationalization Programme

The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on 1 January; the government took over and merged National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).[6]

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 23 August 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).[7] A year later, it was listed on the Karachi Stock Exchange.[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.[6]

Company overview

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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.[6]

It was founded on December 30, 1976,[4] 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.[6] Its primary listing is on the Pakistan Stock Exchange.[6]

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]

In 2023, PSO inaugurated an aircraft re-fueling facility at Skardu International Airport. This move establishes PSO as the only oil marketing company in Pakistan to extend its services to Gilgit-Baltistan region. [10][11]

The Government of Pakistan owns 22.47% of the PSO with a total of 51% direct and indirect investment. PSO owns 63.6% of Pakistan Refinery Limited. The company has established a network of incorporated subsidiaries managed from Karachi: Cerisma (Private) Limited, PSO Renewable Energy (Private) Limited and PSO Venture Private Capital (Limited). In 2024, PSO proposed swapping debt for stake in public sector companies including Pakistan International Airlines.[12][13]

PSO and PIA

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In May 2024, CEO and Managing Director of PSO Syed Muhammad Taha announced that PSO, the state owned oil distributor was also a part of the broader settlement framework to privatize the national flag carrier Pakistan International Airlines.[14]

See also

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References

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  1. ^ a b c d e f "PSO Annual Report 2023" (PDF). psopk.com. Retrieved 29 November 2023.
  2. ^ "Pakistan State Oil Company Limited". psopk.com.
  3. ^ a b Saad Hasan (2 May 2015). "At the helm: Engro Elengy's Haque takes up reins of Pakistan State Oil". The Express Tribune. Retrieved 14 September 2020.
  4. ^ a b Company profile of Pakistan State Oil on Forbes.com website Retrieved 14 September 2020
  5. ^ "Pakistan State Oil (PSO): FY20 scarred by inventory losses". Business Recorder (newspaper). 2 September 2020. Retrieved 14 September 2020.
  6. ^ a b c d e f Pakistan State OIl – The Market leader with a vision Business Recorder, Published 3 May 2004, Retrieved 14 September 2020
  7. ^ "Our History | Pakistan State Oil". psopk.com. Retrieved 7 February 2021.
  8. ^ "Oil & Gas Marketing Companies: PAKISTAN STATE OIL COMPANY LIMITED - Year Ended June 30 2004". Brecorder. 15 December 2004.
  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 helps spur tourism in Pakistan by unveiling high-end aircraft re-fueling facility at Skardu". The Nation. 12 August 2023. Retrieved 14 August 2023.
  11. ^ "Skardu airport gets aircraft refueling service". www.thenews.com.pk. Retrieved 14 August 2023.
  12. ^ "Pakistan State Oil". BusinessRecorder. Archived from the original on 4 December 2023. Retrieved 13 March 2024.
  13. ^ "PSO proposes swapping debt for stake in public sector companies". DAWN.COM. Reuters. 9 May 2024. Retrieved 24 July 2024.
  14. ^ "PSO proposes swapping debt for stake in public sector companies". DAWN.COM. Reuters. 9 May 2024. Retrieved 24 July 2024.
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