Mustafa Ramday appointed PSO chairman; pledges to serve without charging fees

The government has reconstituted the Board of Management of Pakistan State Oil Company Limited (PSO), appointing Mustafa Ramday as chairman and independent director for a three-year term with immediate effect, read a statement on Friday.

According to the statement, Ramday brings more than 28 years of experience in constitutional, commercial and energy-sector law.

An Advocate of the Supreme Court of Pakistan and former Advocate General, Punjab, he has advised on the legal framework for the China-Pakistan Economic Corridor (CPEC), power generation and clean energy projects, and represented oil, gas and power-sector entities in international arbitration. Chambers & Partners ranks him in its top tier for dispute resolution and litigation in Pakistan.

On assuming office, Ramday confirmed that he would serve PSO in an honorary capacity, foregoing directors’ fees and all work-related expenses:

“I would like to make it clear, to the company and to everyone else, that I will not charge PSO any directors’ fees, travel, boarding, lodging or other costs to which I would be entitled for any PSO work, whether within or outside Pakistan,” he said.

The reconstituted Board comprises:

PSO is Pakistan’s largest oil marketing company (OMC), holding the highest market share in the sector and playing a pivotal role in the marketing and distribution of various petroleum products, including motor gasoline (Mogas), high-speed diesel (HSD), furnace oil (FO), jet fuel (JP-1), kerosene, CNG, LPG, petrochemicals, and lubricants.

The company also imports key products to meet domestic demand and boasts the country’s most extensive distribution network, with 3,649 retail outlets, nine major installations, 19 depots, and aviation refuelling facilities at 15 airports. The Government of Pakistan holds the largest shareholding in PSO, at 22.47%.