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{{Use Pakistani English|date=September 2020}}
{{Use Pakistani English|date=September 2020}}
{{Use dmy dates|date=September 2020}}
{{Use dmy dates|date=September 2020}}
{{Infobox company
| name = Pakistan State Oil (PSO)
| native_name = {{Nastaliq|قومی تیل پاکستان}}
| native_name_lang = ur
| logo = PakistanStateOilLogo.svg
| type = [[Public sector|Public]]
| traded_as = {{karse|PSO}}
| foundation = {{Start date|1974|01|01}};<br /> 30 December 1976 (as PSO)<ref name=Forbes/>
| location_city = [[Karachi]]<ref name=Forbes/>
| location_country = [[Pakistan]]
| area_served = Pakistan
| key_people = Syed Muhammad Taha<br /><small>(Managing Director and CEO)</small><br />Zafar.I.Usmani<br /><small>(Chairman)</small>
| industry = [[List of petroleum companies|Oil and gas]]
| products = [[Motor gasoline]] (Mogas), high-speed [[Diesel fuel|Diesel]] (HSD), [[furnace oil]] (FO), [[jet fuel]] (JP-1), [[kerosene]] oil, [[Compressed natural gas]] ([[CNG]]), [[petrochemical]]s and [[lubricant]]s
| revenue = {{increase}} {{PKRConvert|1.4|t}}<ref name="AR">{{cite web|title=PSO Annual Report 2021|url=https://psopk.com/files/pdf/annual-reports/2021/PSOAnnualReport2021.pdf|website=psopk.com/|access-date=21 March 2022}}</ref> (2021)
| operating_income = {{negative_increase}} {{PKRConvert|53.7|b}}<ref name=AR /> (2021)
| net_income = {{increase}} {{PKRConvert|29.14|b}}<ref name=AR /> (2021)
| assets = {{increase}} {{PKRConvert|327.962|b}}<ref>{{cite web | url=https://psopk.com/en/investors/results-reporting/financial-highlights-2020 | title=Financial Highlights &#124; Pakistan State Oil }}</ref>
| equity = {{negative_increase}} {{PKRConvert|419.15|b}} (2021)<ref>{{cite web | url=https://www.wsj.com/market-data/quotes/PK/PSO/financials/annual/balance-sheet | title=PSO.PK &#124; Pakistan State Oil Co. LTD. Annual Balance Sheet - WSJ }}</ref>
| num_employees = 2,371 (June 2021)<ref name=AR />
| subsid = {{Collapsible list<!-- Only current subsidiaries should be included here, please do not add joint-ventures or defunct entities--> | Asia Petroleum Limited<br />Pak-Grease Co. Limited }}
| homepage = {{URL|http://www.psopk.com/}}
}}


'''Pakistan State Oil''' ({{Nastaliq|قومی تیل پاکستان}}); [[reporting name]]: '''PSO''') is a [[Karachi]]-based [[Pakistan]]i [[State ownership|state-owned]] petroleum corporation involved in marketing and distribution of petroleum products.<ref name=Tribune/> It has a network of 3,689 petroleum [[filling station]]s, out of which 3500 outlets serve the public retail sector and 189 outlets serve wholesale bulk customers. ''Pakistan State Oil'' is Pakistan's largest fuel marketing company.<ref name=Forbes>[https://www.forbes.com/companies/pakistan-state-oil/ Company profile of Pakistan State Oil on Forbes.com website] Retrieved 14 September 2020</ref><ref name=BR>{{Cite news|url= https://www.brecorder.com/news/40015709/pso-fy20-scarred-by-inventory-losses |title=Pakistan State Oil (PSO): FY20 scarred by inventory losses|date=2 September 2020|newspaper=Business Recorder (newspaper)|access-date=14 September 2020}}</ref><ref name=Tribune>{{cite web|url=https://tribune.com.pk/story/879417/at-the-helm-engro-elengys-haque-takes-up-reins-of-pso/ |title=At the helm: Engro Elengy's Haque takes up reins of Pakistan State Oil|author=Saad Hasan|publisher=The Express Tribune (newspaper)|date=2 May 2015|access-date=14 September 2020}}</ref><ref name=BR2>[https://fp.brecorder.com/2004/05/20040503123211/ Pakistan State OIl &ndash; The Market leader with a vision] Business Recorder (newspaper), Published 3 May 2004, Retrieved 14 September 2020</ref>
Pakistan State Oil Company Limited (PSOCL) (reporting name: [https://dps.psx.com.pk/company/PSO PSO]) is a Pakistani state-owned energy company headquartered in Karachi, Pakistan. PSO is a public listed company incorporated in 1976 with its listing on the [[Pakistan Stock Exchange|Pakistan Stock Exchange Limited (PSX)]].


==Company overview==
PSO has a long and proud history of fueling every sector of the country’s economy for over four decades with a network of 3,500+ retail outlets, 19 depots, and 9 installations nationwide<ref>{{Cite web |title=PSO Official Website - Storage |url=https://www.psopk.com/en/our-group/what-we-do/storage |access-date=2022-12-05 |website=www.psopk.com}}</ref>. PSO serves more than 3 million customers each day dominating Pakistan’s downstream oil sector with a massive 51.1% of the market share.
[[File:PSO Headquarter Clifton Karachi.jpg|thumb|PSO Headquarter Clifton Karachi]]
PSO controls a market share of over 60% of the total oil market with customer portfolio including dealers, government agencies, autonomous bodies, independent power projects and other corporate customers. It is involved in import, storage, distribution and marketing of a range of petroleum products including gasoline, diesel, fuel oil, jet fuel, LPG, CNG and petrochemicals.<ref name=BR2/>


It was founded on December 30, 1976,<ref name=Forbes/> after Pakistan's government took over the management of Pakistan National Oil (PNO) and [[Dawood Hercules Corporation|Dawood Petroleum Limited]], Esso Eastern and renamed into POCL (Premier Oil Company Limited) for marketing of Petroleum Products. PSO is the first public company in Pakistan to pass the PKR 1 trillion revenue mark. Pakistan State Oil has been a member of the prestigious [[World Economic Forum]] since 2003.<ref name=BR2/>Its primary listing is on the [[Pakistan Stock Exchange]].<ref name="BR2" />
== History ==


The State-owned Pakistan State Oil Co. has 3,500 petrol pumps. Where as [[Cnergyico]] has 982 petrol pumps, [[Total Parco|Total Parco Pakistan Ltd.]] has 800 petrol pumps and [[Shell Pakistan|Shell Pakistan Ltd]]. has 766 petrol pumps.<ref>{{Cite web|date=2022-01-16|title=Cnergyico leaps ahead of Shell and Total to become largest private-sector fuel retailer|url=https://profit.pakistantoday.com.pk/2022/01/16/cnergyico-leaps-ahead-of-shell-and-total-to-become-largest-private-sector-fuel-retailer/|access-date=2022-01-24|website=Profit by Pakistan Today|language=en-US}}</ref>
=== Evolution ===
PSO’s origin travels back to January 1<sup>st</sup>, 1974 when Pakistan’s federal government took over the management of Pakistan National Oil (PNO) and Dawood Petroleum Limited to form Premier Oil Company Limited (POCL) for marketing petroleum products under the Federal Control Act, 1974.


The PSO posted 86 billion rupees of net profit in 2021-22 financial year.However in 2020-21 PSO profit was 30 billion rupees.In the financial year ended 2021-22 thanks to all time high petroleum imports of US 19 billion dollars for Pakistan the oil giant managed to up 196% of profits from last year.[https://www.dawn.com/news/1706991/pso-earnings-surge PSO profit 86 billion rupees]
On June 3<sup>rd</sup>, 1974, the government incorporated Petroleum Storage Development Corporation (PSDC) was formed which was eventually renamed State Oil Company Limited (SOCL) on August 23<sup>rd</sup>, 1976. Following that, the ESSO undertakings were purchased on 15 September 1976, and control was vested in State Oil Company Limited (SOCL).


== History ==
The end of that year (30 December 1976) saw the merger of Premier Oil Company Limited (POCL) and State Oil Company Limited (SOCL), giving way to Pakistan State Oil Company Limited (PSOCL).
{{Main|Nationalization in Pakistan#Nationalization phase (1971-1977)|l1=First Phase, Nationalization Programme}}

== Corporate Affairs ==

=== Management ===
PSO is a state-owned energy company with a 51% stake of shares directly and indirectly held with the Government of Pakistan.

==== Board of Management (BoM) ====
The Board of Management (BoM) includes;

Zafar I. Usmani (Chairman)

Syed Muhammad Taha – (MD & CEO)

Muhammad Anwer

Tara Uzra Dawood

Muhammad Humayun Khan Barakzai

Hassan Mehmood Yousufzai

Arshad Majeed

Capt. (Retd.) Muhammad Anwar ul Haq Azad

==== Leadership ====
PSO’s leadership including the Managing Director (MD) and key individuals is as follows;

Syed Muhammad Taha (MD & CEO)

Rashid Umer Siddiqui (Company Secretary)

Abdus Sami (Chief Supply Chain Officer)

Gulzar Khoja (Chief Financial Officer)

Mohsin Mangi (Chief Strategy Officer)

==== Strategic Investments ====
PSO owns 63.56% of shares in Pakistan Refinery Limited (PRL) since December 1<sup>st</sup>, 2018, making it PSO’s subsidiary company.

Asia Petroleum Limited (APL) is also one of the group companies of which PSO owns 49% of shares.

Pak Grease Manufacturing Company (Private) Limited (PGMCL) has been associated since 1979, with 22% of its shares held by PSO.

PSO has other strategic investments in the Joint Installation of Marketing Companies (JIMCO), New Islamabad International Airport, Eastern Joint Hydrant Depot (EJHD), and Pak-Arab Pipeline Company Limited (PAPCO).

== Financials ==
As of June 2022, PSO announced an all-time high gross revenue of a whopping PKR 2.7 trillion and a record profit after tax of PKR 86.2 billion with 59.7% of the market share in black oil (with 26.9% volumetric sales growth) and 49.2% of the market share in white oil (21.4% volumetric sales growth).<ref>{{Cite journal |title=Pakistan State Oil_Annual Report_2022 |url=https://psopk.com/files/financial-reports/annual/PSO-Annual-Report-2022-1.pdf |journal=Pakistan State Oil Annual Report 2022}}</ref>
{| class="wikitable"
|+
! rowspan="2" |Year
!Net Sales
!Profit/(Loss)
after Tax
!Shareholders'
Equity
|-
! colspan="3" |(PKR in millions)
|-
|2022
|2,451,581
|86,223
|215,649
|-
|2021
|1,204,247
|29,139
|139,978
|-
|2020
|1,108,358
|(6,466)
|113,061
|-
|2019
|1,154,298
|10,587
|119,181
|-
|2018
|1,063,744
|15,461
|110,452
|}

== Headquarters and Offices ==
PSO’s headquarter is situated in Karachi, titled, ‘PSO House,’ which is an architectural icon and a heritage of its own. PSO’s divisional offices are in Islamabad, Peshawar, Lahore, Multan, Sahiwal, Faisalabad, Bahawalpur, DIK, Jehlum, Gujranwala, Sukkur, Hyderabad, and Quetta.

== Corporate Social Responsibility ==
PSO is one of the leading organizations in Pakistan in terms of CSR activities too. Its Corporate Social Responsibility covers the four substantial areas that need funding and reforms. These aspects include Education, Healthcare, National Disaster Relief, and Community Building & Environment.


The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on January 1; the government took over and merged National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).<ref name=BR2/>
In the ambit of education, PSO has been supporting the Institute of Business Administration (IBA), Lahore University of Management Sciences (LUMS), Aman Institute of Vocational Training, Tahzeeb ul Akhlaq Trust, Professional Educational Foundation, and The Citizen Foundation among others.


Soon after that, on 3 June 1974, Petroleum Storage Development Corporation (PSDC) came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23, 1976. Following that, the [[Esso]] undertakings were purchased on 15 September 1976 and control was vested in SOCL. The end of that year (30 December 1976) saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil (PSO).<ref>{{Cite web|title=Our History {{!}} Pakistan State Oil|url=https://psopk.com/en/about-us/our-history|access-date=2021-02-07|website=psopk.com}}</ref>
Shaukat Khanum Memorial Hospital & Research Centre (SKMCH&RC), Health Education & Livelihood Promoters (HELP) Balochistan, and Indus Hospital are some of the beneficiaries of PSO’s CSR activities in the healthcare sector.


After PSO's inception, the corporate culture underwent a comprehensive renewal program which was fully implemented in 2004. This program over the years included the revamping of the organizational architecture, rationalization of staff, employee empowerment and transparency in decision making through cross functional teams. This new corporate renewal program has divided the company's major operations into independent activities supported by legal, financial, informative and other services. In order to reinforce and monitor this structural change, related check and balances have been established by incorporating monitoring and control systems. Due to this effective implementation of corporate reform and consistent application of the best industrial practices and business development strategies, PSO has been able to maintain its market leadership in a highly competitive business environment. Pakistan State Oil delivers kerosene, light diesel oil and lubricants to consumers via over 500 distributors all over Pakistan.<ref name=BR2/>
From relief activities in Balochistan during the cyclone in 2007 to recent floods (2022) in Pakistan, PSO has been standing by its nation for decades under all circumstances.


==References==
==References==

Revision as of 10:34, 5 December 2022

Pakistan State Oil (PSO)
Native name
قومی تیل پاکستان
Company typePublic
PSX: PSO
IndustryOil and gas
FoundedJanuary 1, 1974 (1974-01-01);
30 December 1976 (as PSO)[1]
Headquarters
Karachi[1]
,
Pakistan
Area served
Pakistan
Key people
Syed Muhammad Taha
(Managing Director and CEO)
Zafar.I.Usmani
(Chairman)
ProductsMotor gasoline (Mogas), high-speed Diesel (HSD), furnace oil (FO), jet fuel (JP-1), kerosene oil, Compressed natural gas (CNG), petrochemicals and lubricants
RevenueIncrease Rs. 1.4 trillion (US$4.8 billion)[2] (2021)
Negative increase Rs. 53.7 billion (US$190 million)[2] (2021)
Increase Rs. 29.14 billion (US$100 million)[2] (2021)
Total assetsIncrease Rs. 327.962 billion (US$1.1 billion)[3]
Total equityNegative increase Rs. 419.15 billion (US$1.5 billion) (2021)[4]
Number of employees
2,371 (June 2021)[2]
Subsidiaries
List
  • Asia Petroleum Limited
    Pak-Grease Co. Limited
Websitewww.psopk.com

Pakistan State Oil (قومی تیل پاکستان); reporting name: PSO) is a Karachi-based Pakistani state-owned petroleum corporation involved in marketing and distribution of petroleum products.[5] It has a network of 3,689 petroleum filling stations, out of which 3500 outlets serve the public retail sector and 189 outlets serve wholesale bulk customers. Pakistan State Oil is Pakistan's largest fuel marketing company.[1][6][5][7]

Company overview

PSO Headquarter Clifton Karachi

PSO controls a market share of over 60% of the total oil market with customer portfolio including dealers, government agencies, autonomous bodies, independent power projects and other corporate customers. It is involved in import, storage, distribution and marketing of a range of petroleum products including gasoline, diesel, fuel oil, jet fuel, LPG, CNG and petrochemicals.[7]

It was founded on December 30, 1976,[1] after Pakistan's government took over the management of Pakistan National Oil (PNO) and Dawood Petroleum Limited, Esso Eastern and renamed into POCL (Premier Oil Company Limited) for marketing of Petroleum Products. PSO is the first public company in Pakistan to pass the PKR 1 trillion revenue mark. Pakistan State Oil has been a member of the prestigious World Economic Forum since 2003.[7]Its primary listing is on the Pakistan Stock Exchange.[7]

The State-owned Pakistan State Oil Co. has 3,500 petrol pumps. Where as Cnergyico has 982 petrol pumps, Total Parco Pakistan Ltd. has 800 petrol pumps and Shell Pakistan Ltd. has 766 petrol pumps.[8]

The PSO posted 86 billion rupees of net profit in 2021-22 financial year.However in 2020-21 PSO profit was 30 billion rupees.In the financial year ended 2021-22 thanks to all time high petroleum imports of US 19 billion dollars for Pakistan the oil giant managed to up 196% of profits from last year.PSO profit 86 billion rupees

History

Main article: First Phase, Nationalization Programme

The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on January 1; the government took over and merged National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).[7]

Soon after that, on 3 June 1974, Petroleum Storage Development Corporation (PSDC) came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23, 1976. Following that, the Esso undertakings were purchased on 15 September 1976 and control was vested in SOCL. The end of that year (30 December 1976) saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil (PSO).[9]

After PSO's inception, the corporate culture underwent a comprehensive renewal program which was fully implemented in 2004. This program over the years included the revamping of the organizational architecture, rationalization of staff, employee empowerment and transparency in decision making through cross functional teams. This new corporate renewal program has divided the company's major operations into independent activities supported by legal, financial, informative and other services. In order to reinforce and monitor this structural change, related check and balances have been established by incorporating monitoring and control systems. Due to this effective implementation of corporate reform and consistent application of the best industrial practices and business development strategies, PSO has been able to maintain its market leadership in a highly competitive business environment. Pakistan State Oil delivers kerosene, light diesel oil and lubricants to consumers via over 500 distributors all over Pakistan.[7]

References

  1. ^ a b c d Company profile of Pakistan State Oil on Forbes.com website Retrieved 14 September 2020
  2. ^ a b c d "PSO Annual Report 2021" (PDF). psopk.com/. Retrieved 21 March 2022.
  3. ^ "Financial Highlights | Pakistan State Oil".
  4. ^ "PSO.PK | Pakistan State Oil Co. LTD. Annual Balance Sheet - WSJ".
  5. ^ a b Saad Hasan (2 May 2015). "At the helm: Engro Elengy's Haque takes up reins of Pakistan State Oil". The Express Tribune (newspaper). Retrieved 14 September 2020.
  6. ^ "Pakistan State Oil (PSO): FY20 scarred by inventory losses". Business Recorder (newspaper). 2 September 2020. Retrieved 14 September 2020.
  7. ^ a b c d e f Pakistan State OIl – The Market leader with a vision Business Recorder (newspaper), Published 3 May 2004, Retrieved 14 September 2020
  8. ^ "Cnergyico leaps ahead of Shell and Total to become largest private-sector fuel retailer". Profit by Pakistan Today. 16 January 2022. Retrieved 24 January 2022.
  9. ^ "Our History | Pakistan State Oil". psopk.com. Retrieved 7 February 2021.
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