Pakistan State Oil is a Karachi-based Pakistani state-ownedpetroleum corporation involved in marketing and distribution of petroleum products. 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.
Company overview
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. It was founded on December 30, 1976, after Pakistan's government took over the management of Pakistan National Oil and Dawood Petroleum Limited and renamed into POCL for marketing of Petroleum Products. PSO is the first public company in Pakistan to pass the PKR 1 trillion revenue mark. Its primary listing is on the Karachi Stock Exchange and it is a constituent of the KSE-30 Index. PSO has been named among the Forbes Global 2000 companies continuously over the years. Its revenues in 2014 stood at PKR 1,410 billion and after-tax profit stood at PKR 21.8 billion. The company's market capitalization is greater than Pakistani Rupees 100 billion.
History
The creation of Pakistan State Oil can be traced back to the year 1974, when on January 1; the government took over and merged National Oil and Dawood Petroleum Limited as Premiere Oil Company Limited. Soon after that, on 3 June 1974, Petroleum Storage Development Corporation came into existence. PSDC was then renamed as State Oil Company Limited 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 saw the merger of the Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state Oil. 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.
