Pakistan State Oil Company (PSO) is the leading oil management country of the Muslim world and a market leader in Pakistan’s energy sector. Company is the key driver of Pakistan’s economy and industrialization process and provides for the energy requirements of its public and private sector through its widespread network of oil and gas storage, distribution and marketing. PSO has been ranked in the upper echelons of the global oil and gas enterprises with long-term credit ratings of AA+ (Double A-Plus) in 2020 and has made its mark in the industry as the largest tax-paying and profit-making enterprise of the country. In FY2020, PSO has achieved a net turnover of Rs340.6billion and transformed into a net profit of Rs3.48billion.
The company is also a leader in the innovation in the industry as it had introduced the modern Euro-5 standard fuels (previously supplied RON 97) and opened its first electric refuelling station in Islamabad. In the last few years, PSO also provided the LNG import services for Pakistan and is expected to serve as the lifeline of the energy supplies in promising CPEC projects.
The history of its excellence started back in 1974 when the government merged the National Oil (PNO) and Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL). Soon after, PSO came into existence with the merger of the State Oil Company and Premier Oil Company, which rechristened by the government from Petroleum Storage Development Corporation (PSDC). The PSO underwent a comprehensive reformation afterwards, underlying the introduction of corporate culture and independence of its sub-divisional operations. It is due to the effective implementation of the corporate culture that the company has achieved the status of the largest profit-making enterprise in the country.
PSO has been ranked in the Forbes 2000 list of biggest publically traded companies and over the period of time, it has received numerous awards, including the Best Corporate and Sustainability Award 2015, Karachi Stock Exchange Top Company, Top 100 companies of the Muslim World etc. remarking the commitment and resilience of its commercial activities.
The clientele of PSO in Pakistan is widespread and comprise of public and private entities including the largest retail customer base in the country. There is a heavy reliance of the government sector on the PSO for its energy needs, namely the Armed Forces of Pakistan (Army, Navy and Air Force), Railways, Oil and Gas Development Corporation (OGDC), and Heavy Industries Taxila. It also caters the need of the agricultural units, maritime-related businesses, textile and cement industries of the country and provides for the aviation industry with its nine airport into-plane refuelling stations in Pakistan. In addition, the company is the largest source of fuel supplies for the energy producers, comprising of 80% market share for the public power producers like WAPDA and K-Electric, and for the Independent power producers (IPP’s). It must be an honour for the PSO to refuel the fleets of Pakistan’s Presidency and the Prime Minister Secretariat.
PSO is a signatory to Partnering against Corruption Initiative (PACI) in the Pakistan and region and has been chosen by the World Economic Forum, Switzerland, for the promotion of global public policy goal of reducing and eventually eliminating corruption.
The company is a corporate leader in Pakistan due to its legal and ethical compliance, human resource development activities, and efficient supply chains in the country. Recently, the company has introduced a modern fleet for the safe transport and delivery of petroleum products across the country in compliance with the government’s directives. Along with this, the PSO withholds an objective approach towards reducing the carbon footprint by modernizing the refining process and shifting to the environment-friendly fuels.
Numerous philanthropic initiatives have been taken by the PSO for the welfare and betterment of the society, especially the educational, health and community development programs. The organization pledged to facilitate and payback to the community through its CSR Trust; especially in the educational and health sectors. Its promising educational initiatives include the construction of Banjosa Public School in Kashmir with a donation of Rs8.2million, Kaghan Memorial School Mansehra with a donation of one million rupees, and Rs10million financial assistance scholarships to the Lahore University of Management Sciences (LUMS) outreach program for the outstanding students. Similarly, the CSR Trust of PSO facilitated the health sector of Pakistan by its tremendous contributions of more than Rs20million for LRBT Eyecare Hospital and joined hands with the Afzaal Memorial Thalassemia Foundation (AMTF) by donating Rs one million for the free checkup and treatment of the thalassemia patients in Pakistan.
During the COVID-19 pandemic, when the business activities were at downslope, PSO the energy giant of Pakistan donated Rs71million for the community relief activities and Rs50million has been contributed to the Prime Minister’s Corona Relief Fund.
The shrewd management of the PSO has assured the future success of the company by aligning the future strategic goals of the company with the China Pakistan Economic Corridor (CPEC), outlying the $34billion for the energy sector projects. The company has adopted a proactive approach to secure their marketplace along the road and maritime routes to be constructed by the Chinese government in Pakistan under CPEC. Currently, PSO is working on the nation-wide oil pipeline projects and increasing their storage capacity to meet the demands of the increased transport and logistics activity as a result of CPEC completion.
The modern vision of PSO is noticeable from their automated systems, e-portals and the recent card transaction system Digi Cash and Fuel Link smartphone application; which now has been upgraded to the secured cloud-based system for providing refuelling services enabled with online transactions in the far-flung areas of the country. Besides, the forward-looking vision of PSO is evident from the investments of the OMC in renewable energy generation technologies like bio-fuel and solar-plants in the country. Similarly, the company’s adoption of environment-friendly EURO-5 fuel standards and Electric Vehicle Charging is a step in towards sustainable future growth.
The corporate culture, philanthropic activities, and adoption of modern technologies by the PSO is in line with the vision of the company to enrich lives across the world and its values of innovation, giving and caring, and inclusive leadership is the reason for company’s success.