LAHORE - Pakistan State Oil, the nation’s largest Oil Marketing Company, is looking for a new chief to run the organization as the tenure of the current managing director Shahid Ul Islam is ending on April 30, 2015 as per government’s notification.
Earlier, Islam, a PSO Board member, was given charge of Managing Director in January 2015, after the petrol crisis rocked the country and top officials of PSO including the Managing Director and the Deputy Managing Directors were suspended by the government.
Islam had taken several beneficial steps for the company including surprising shareholders with interim cash dividend of Rs. 6 per share despite the inventory losses due to fluctuating international oil prices. “The stakeholders are content with this announcement as we were not expecting any profit on our share during this period but management has taken good care of their shareholders´.” said a shareholder.
On the other hand, Islam also released the annual increments and performance bonuses of the employees, which was stuck from past fiscal year resulting in disgruntlement among employees. Now, employees at every level are satisfied after getting their due rewards.
The Managing Director took these decisions pursuant to the notification from the Ministry of Petroleum & Natural Resources (MPNR), dated February 12, 2015.
Islam worked to build the company’s revenue streams by making all out efforts on the LNG import project which promises a cheaper and more environment friendly alternate to expensive furnace oil. Islam has been pushing the project forward in the best interests of Pakistan. Other vested interest groups are also active in this regard and they are utilizing some media groups in lobbing against LNG import. As far as the critics are concerned, they are conveniently overlooking the fact that the LNG project would bring a cheaper energy source to the country, save billions of rupees for the national exchequer and reduce the oil import bill.
Now the company awaits the arrival of yet a new managing director and the government and people need to decide what kind of a person should be leading a strategic asset like PSO. The government needs to ensure that it appoints the right person to lead this national company and one that continues past projects and takes them forward to a successful conclusion in the right way.