ISLAMABAD: The public-sector oil marketing company-PSO has registered high profits in each of the three quarters of the current financial year and will maintain it to effectively meet the energy needs.
The PSO has outlined a clear vision to transform the Company into an integrated Energy Company, was taking solid measures in this regard, the company's spokesperson said in a press release.
The company has managed to clear its overdrafts with all of its banks and now had a net surplus cash position of Rs.2.1 billion. All this was made possible with support of the government.
It said the key initiatives included signing a Contract of Affreightment for the transport of Furnace Oil with the Pakistan National Shipping Corporation as well as signing an MoU with the government of Khyber Pakhtunkhwa for the establishment of 40,000 barrel state-of-the-art refinery in the province.
The company was exploring alternative energy projects which included signing an MoU with Engro to look into the feasibility of exploring the Thar Coal project while also signing an MoU with the Balochistan government for establishment of a Jathropa plantation for bio-diesel cultivation in the province.
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