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PSO's high standard of performance.

Pakistan State Oil has continued to maintain high standard of performance in all facets of its business including best results in sales volume, turn-over and profit with a new record each year. It has also prominently figured at the Karachi Stock Exchange and has won the merit award for its commendable performance during the year 1989-90, having been listed in the Top 25 Companies for the 7th time.

PSO has significantly developed and modernized its storage and distribution facilities and has successfully responded to the challenges of economic development in the country. Entrusted with the responsibility of providing POL needs of the country, the Company has continued to augment its network of infrastructural facilities. Company's market participation has gone upto 74.1 per cent and its sales proceeds have exceeded Rs. 40 billion in 1990-91. Through forward planning and maintenance of buffer stocks at its storage installations, PSO has successfully met the challenges posed by the Gulf Energy Crisis and helped avert a national crisis by ensuring uninterrupted supply of petroleum products to all sectors of national economy.

To cope up with the challenging requirements of lubricants in the country, PSO continues to introduce new brands of lubricating oil based on the latest technological know-how and research. PSO recently introduced low-lead gasoline in the form of Premier Plus, to protect the environment from air-pollution caused by the emissions of poisonous gases from the gasoline consumed in the automobiles adversely affecting the health of the people.

The success of PSO in the final analysis depends on its professional leadership and the stewardship of the Company provided by its present Chief Executive and Managing Director Miami Muhammed Farid who has spent a life time of well more than three decades in the oil industry. PSO also proudly possess a talented force of managerial ability which excells in technical and technological skills. The expertise developed by the Company together with the devotion, dedication and great sense of responsibility has enabled the Company to conquer still newer horizons and add success after success to Company's performance. PSO is scientifically managed applying all the latest techniques and principles of sound management. It lays greatest of stress of the development and training of its manpower. The Chief Executive takes keen interest in Management Development and training programmes. A well equipped and staffed Training Centre conducts regular managerial and technical courses besides sending PSO personnel to out-house courses.

The Chief Executive Miami Muhammad Farid has compartmentalized the affairs and functions of the Company with well though out departments, headed by a General Manager and a Department Head and loaded them will responsibility and accountability. He holds regular meetings with them and guides and directs them. There is not a single activity of the Company or the department which can escape his attention. He is not only a hard task master but also takes care of the legitimate needs and welfare of all Company personnel. Recently he announced a packet of salary increase and other perks which earned him high esteem of the work force.

The company has four terminals at Keamari, 30-up-county depots with a total storage capacity of almost 350,000 tonnes, 1033 Railway Tank Wagons, 2500 tanks lorries at Karachi and up-county locations under its control, 9 Blending Plants and 2 Reclamation Plants, 2024 petrol pumps and service stations, 57 kerosene pumps and a work force of 2266 men and women. These human and material resources of PSO hold promise for the country for a better service and fulfillment of Company's corporate objectives. [Tabular Data Omitted]
COPYRIGHT 1991 Economic and Industrial Publications
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Pakistan State Oil Company Ltd.
Author:Siddiqui, A.R.
Publication:Economic Review
Date:Dec 1, 1991
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