imageKARACHI: The leading oil marketing company of the country, the Pakistan State Oil (PSO), held its annual procurement conference titled `Taking on Challenges, Creating Greater Value' here on Thursday.

The conference was aimed at educating PSO's suppliers and contractors on procurement policies and procedures in line with the PPRA rules.

Arif Nasib, General Manager Procurement & Services, PSO, opened the house by delivering the welcome note and address.

He emphasized the need of fostering strategic alliances between PSO and its vendors, and highlighted the need to add value to the existing procurement processes.

Arif also stressed that PSO is committed to following PPRA rules in all procurement related activities in order to ensure transparency in business dealings and garner cost savings for the company.

Subsequently, a number of speakers from PSO addressed the audience and deliberated at length on various aspects of procurement processes, challenges, opportunities, dynamics and the rules governing the procedure in light of the knowledge and expertise in their respective fields.

Hammad Zafar, GM, Infrastructure and Retail Construction, PSO, highlighted the importance of safe working environment for contractors at PSO premises.

Nehal Askari, DGM, Health Safety & Environment, stressed on the integration of HSE in company processes.

Kashif Siddiqui, GM, Gaseous Fuels, PSO, elaborated on the challenges and the overall market dynamics involved in the procurement of gaseous fuels.

Zeeshan Haider, DGM, Treasury, Accounts Payable & Freight Pool, gave insights about the Vendor Payment Process & Invoice Tracking.

Waqar Hussain Abbasi, Director Legal, PPRA, while addressing the audience gave an overview regarding the rules of the Public Procurement Regulatory Authority (PPRA).

He said that being a public procurement entity, PPRA believes that public money should be spent very judiciously. He outlined the existing legal framework of PPRA and shared some of the proposed amendments.

Taking the point further, PPRA Director Finance & Admin, Ijaz Ahmed Khokhar, spoke on `Comparison of PPRA Rules, 2004 & Consultancy Services Regulation, 2010'.

Highlighting the importance of academic studies in industry policy formulation, Muhammad Naiman Jalil, Director Lahore University of Management Sciences (LUMS), shared his experience of supplier base development and procurement performance substantiated with some case studies.

DGM Procurement Services, Tariq Hussain, delivered the vote of thanks and expressed his gratitude to all the vendors and contractors for attending the event.

The Procurement Conference 2016 was appreciated by the company's suppliers and contractors as well as by all the other participants. It was further suggested that such events be made a regular feature to promote better understanding regarding procurement related matters between all parties, an official of PSO said.

Copyright APP (Associated Press of Pakistan), 2016