The News reported that the Pakistan State Oil aims to transform from a simple marketing and distribution company to a global energy company by developing an integrated supply chain which incorporates aspects of exploration, refining, transportation and shipping.
Mr Naeem Yahya Mir CEO and MD of PSO said while briefing to the Senate Committee on Petroleum and Natural Resources headed by Senator Mohammad Yousaf who visited the PSO House in Karachi that "Being a national company it was important for PSO to take all steps to benefit Pakistan."
Mr Yahya Mir said that the PSO management provided the elected representatives with an overview of the oil industry including the supply and demand situation for various petroleum products amongst different sectors. They also provided a brief synopsis of the oil pricing mechanism in place and the notification process for the same.
He said that the MD followed this overview with some highlights of the recent initiatives and savings undertaken at the PSO including establishment of a refinery in Khyber Pakhtunkhwa and development of corporate social pumps and initiating the street sponsorship program whereby two streets in low income areas of each province would be developed with state of the art facilities and infrastructure to enhance the living standards of the inhabitants of the area.
Mr Yahya Mir said that the stories appearing in the media regarding the award of a fuel supply contract to Bakri trading without open tendering were baseless as this was the only company with blending facilities in Pakistan. Through this contract, both the company and the country would benefit as we would be paying the supplier in Pak Rupees leading to foreign exchange savings and purchase products at the prices set by the local refineries. This strategy has also allowed the PSO to expel the middle men.
He further stressed that all HR decisions at PSO are taken on merit and in line with approved policies and procedures. All promotions, which have taken place, were done in line with the unified HR policy, which stipulated written tests and interviews for all potential candidates.