Jehangir Ali Shah assigned PSO’s acting CEO

• Jehangir has been appointed for another period of 30 days or till the appointment of a regular incumbent, whichever is earlier.

Syed Jehangir Ali Shah has been assigned the post of Chief Executive Officer/ Managing Director of Pakistan State Oil (PSO), it was learnt on Wednesday.

“By virtue of Government of Pakistan’s Notification No.1 (39)/2018-Oil dated December 17, 2019, Syed Jehangir Ali Shah has been assigned the post of Chief Executive Officer/ Managing Director of Pakistan State Oil Company Limited on Acting Charge basis with effect from November 30, 2019,” read a PSO announcement.

The company said that Jehangir has been appointed for another period of 30 days or till the appointment of a regular incumbent, whichever is earlier.

Jehangir extension came after the contract of PSO’s former managing director Sheikh Imranul Haq expired on August 31 and the government did not extend his contract. Haq has faced inquiry by the National Accountability Bureau (NAB) against his appointment.

The leading oil marketing company in Pakistan, reported Rs 17.5 billion in profit before tax and Rs. 10.6 billion in profit after tax in FY19. PSO continued to lead Pakistan's Petroleum downstream market with a share of 42.4 percent in Total Liquid Fuels (White Oil 40.2pc, Black Oil 52.0pc) in FY19.