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KARACHI: The Federal Minister for Energy (Petroleum and Power Division), Omar Ayub Khan and Special Assistant to the Prime Minister (SAPM) on Petroleum, Nadeem Babar accompanied by Secretary Petroleum, Mian Asad Hayaud Din visited the country's flagship oil marketing company, Pakistan State Oil (PSO).

Chairman, PSO Board of Management, Zafar I.Usmani, Chief Executive Officer and Managing Director PSO, Syed Muhammad Taha, Dy. Managing Director Operations, Syed Jehangir Ali Shah and the Company's senior management welcomed the guests at PSO's head office in Karachi.

The Federal Minister for Energy (Petroleum and Power Division) chaired the meeting where in CEO and MD PSO briefed the dignitaries on the Company's operational and marketing performance, regulatory environment, organisational dynamics, strategic thrust, future plans and key achievements including the launch of Euro 5 standard fuels and the establishment of an electric vehicle charging unit in Islamabad.

The Federal Minister lauded PSO's role during the fuel crisis amid the pandemic when the national flag bearer fulfilled its responsibility by ensuring an uninterrupted supply of fuel across the nation. He also appreciated PSO's environment friendly fuel initiatives and encouraged further exploration of biofuels and cleaner energy solutions. In view of the changing business landscape, the minister stressed on embracing new technologies specifically electric vehicle charging and automation. He said that Government of Pakistan is introducing flexible business policies to galvanise innovation and growth in the energy sector.

Value creation plans entailing new ventures and business opportunities including diversification and business integration in refining projects were also discussed. The Minister suggested the exploration of long term assured supply contracts under Government to Government (G2G) arrangement to bring down the cost of fuel and pass the benefit to the end consumer while also forging stronger bonds with friendly countries.

SAPM on Petroleum, Nadeem Babar appreciated the oil market leader's initiatives and said that PSO is setting benchmarks and leading the sustainable energy revolution in the country by introducing environment friendly fuel choices. He expressed the Ministry's support on PSO's infrastructure expansion plans and resolution of key issues.

Secretary Petroleum, Mian Asad Hayaud Din acknowledged PSO's role in driving the country towards a better future by taking initiatives in line with GOP's policies and revolutionising Pakistan's energy landscape. He expressed his confidence in PSO's long-term plans which also include the exploration of new business avenues to ensure sustainable growth.

Chairman PSO Board of Management, Zafar I.Usmani and CEO and MD PSO, Syed Muhammad Taha reaffirmed PSO's role as the national flag bearer and leader of positive change in Pakistan. The Company is committed to maximising shareholder value, playing a key role in bringing GOP's energy sector reforms to fruition, fulfilling its corporate social responsibilities and contributing to the overall progress of the country.-PR

Copyright Business Recorder, 2020

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