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Pakistan State Oil

From Wikipedia - Reading time: 9 min

Pakistan State Oil (PSO)
Native name
پاکستان ریاستی تیل
Company typePublic
PSX: PSO
KSE 100 component
KSE 30 component
IndustryOil and gas
Predecessors
  • National Oil
  • Dawood Petroleum Limited
  • Premier Oil Company Limited
  • State Oil Company Limited
Founded1 January 1974 (1974-01-01);
30 December 1976 (as PSO)
Headquarters
Karachi
,
Pakistan
Area served
Pakistan
Key people
ProductsMotor gasoline (Mogas), high-speed Diesel (HSD), furnace oil (FO), jet fuel (JP-1), kerosene oil, Compressed natural gas (CNG), petrochemicals and lubricants
RevenueIncrease Rs. 3.39 trillion (US$12 billion)[1] (2023)
Decrease Rs. 24.36 billion (US$84 million)[1] (2023)
Decrease Rs. 5.66 billion (US$20 million)[1] (2023)
Total assetsDecrease Rs. 974.44 billion (US$3.4 billion)[2] (2024)
Total equityIncrease Rs. 216.56 billion (US$750 million)[1] (2023)
Number of employees
2,206[2] (2024)
ParentGovernment of Pakistan (22.47%)[3]
Subsidiaries
  • PSO Venture Capital
  • PSO Renewable Energy
  • Cerisma
  • Pakistan Refinery Limited (63.56%)
  • Asia Petroleum Limited (49%)
  • Pak-Grease Co. Limited (22%)
Websitepsopk.com

Pakistan State Oil Company Limited (PSOCL) operating as PSO, is a Karachi-based, state-owned energy company. Established in 1976, the company operates in the oil and gas industry.[4] As of 2024, it maintains a network of 3,580 retail outlets, nine installations, 19 depots, refueling facilities at 14 airports, and operations at two major seaports. It also has the country’s largest storage capacity of 1.24 million tons, PSO supplies fuel to 3 million customers daily, and holds a market share of 51.6% in Pakistan's downstream oil market.[4][5][6][7]

History

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Main article: First Phase, Nationalization Programme

PSO's history dates back to January 1, 1974, when the Government of Pakistan took control of Pakistan National Oil (PNO) and Dawood Petroleum Limited. These entities merged to form the Premier Oil Company Limited (POCL) under the Federal Control Act 1974.[8]

On June 3, 1974, the government established the Petroleum Storage Development Corporation (PSDC), which later transformed into the State Oil Company Limited (SOCL) on August 23, 1976.[9]

The following year, PSO acquired ESSO undertakings on September 15, 1976, with control vested in State Oil Company Limited (SOCL). Following that, the ESSO undertakings were purchased on 15 September 1976, and control was vested in the State Oil Company Limited (SOCL). This was followed by the merger of POCL and SOCL on December 30, 1976, leading to the formation of Pakistan State Oil Company Limited.[8]

Headquarters and offices

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PSO House, the company’s headquarters, is located in Karachi with divisional offices in cities across Pakistan, including Islamabad, Peshawar, Lahore, Multan, Sahiwal, Faisalabad, Bahawalpur, DIK, Jehlum, Gujranwala, Sukkur, Hyderabad, and Quetta.The State-owned Pakistan State Oil Co. has 3,500 petrol pumps. Where as Cnergyico has 982 petrol pumps, Total Parco Pakistan Ltd. has 800 petrol pumps and Shell Pakistan Ltd. has 766 petrol pumps.[10]

In 2023, PSO inaugurated an aircraft refueling facility at Skardu International Airport. This move establishes PSO as the only oil marketing company in Pakistan to extend its services to Gilgit-Baltistan region.[11][12]

Strategic Investments

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The Government of Pakistan owns 22.47% of the PSO with a total of 51% direct and indirect investment. PSO owns 63.6% of Pakistan Refinery Limited. The company has established a network of incorporated subsidiaries managed from Karachi: Cerisma (Private) Limited, PSO Renewable Energy (Private) Limited and PSO Venture Private Capital (Limited). In 2024, PSO proposed swapping debt for stake in public sector companies including Pakistan International Airlines.[13][14]

Awards and recognition

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  • Largest Taxpayer Excellence Award by the Prime Minister of Pakistan[15][16][17][18]
  • First prize in the Oil & Gas Marketing Companies Sector at the Corporate Excellence Awards by the Management Association of Pakistan[19][20][21]
  • Merit Certificate for financial reporting by the South Asian Federation of Accountants (SAFA) in 2022[22][23]
  • Best in Health & Wellbeing award at the HR Pinnacle Awards in 2024[24]

See also

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References

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  1. ^ a b c d "PSO Annual Report 2023" (PDF). psopk.com. Retrieved 29 November 2023.
  2. ^ a b PSO Annual Report 2024" (PDF). psopk.com. Retrieved 23 June 2024.
  3. ^ "Pakistan State Oil Company Limited". psopk.com.
  4. ^ a b Saad Hasan (2 May 2015). "At the helm: Engro Elengy's Haque takes up reins of Pakistan State Oil". The Express Tribune. Retrieved 14 September 2020.
  5. ^ Desk, News (26 November 2024). "Private oil firms cut operations, PSO shoulders burden amid fuel supply disruptions in Punjab, Islamabad". Profit by Pakistan Today. Retrieved 27 May 2025. {{cite web}}: |last= has generic name (help)
  6. ^ "PSO continues to dominate energy market, reports Rs15.9bn profit". Mettis Global Link. 27 August 2024. Retrieved 27 May 2025.
  7. ^ Research, B. R. (20 May 2025). "Pakistan State Oil". Brecorder. Retrieved 27 May 2025.
  8. ^ a b Pakistan State OIl – The Market leader with a vision Business Recorder, Published 3 May 2004, Retrieved 14 September 2020
  9. ^ "Our History | Pakistan State Oil". psopk.com. Retrieved 7 February 2021.
  10. ^ "Cnergyico leaps ahead of Shell and Total to become largest private-sector fuel retailer". Profit by Pakistan Today. 16 January 2022. Retrieved 24 January 2022.
  11. ^ "PSO helps spur tourism in Pakistan by unveiling high-end aircraft re-fueling facility at Skardu". The Nation. 12 August 2023. Retrieved 14 August 2023.
  12. ^ "Skardu airport gets aircraft refueling service". www.thenews.com.pk. Retrieved 14 August 2023.
  13. ^ "Pakistan State Oil". BusinessRecorder. Archived from the original on 4 December 2023. Retrieved 13 March 2024.
  14. ^ "PSO proposes swapping debt for stake in public sector companies". DAWN.COM. Reuters. 9 May 2024. Retrieved 24 July 2024.
  15. ^ Makar, A. B.; McMartin, K. E.; Palese, M.; Tephly, T. R. (June 1975). "Formate assay in body fluids: application in methanol poisoning". Biochemical Medicine. 13 (2): 117–126. doi:10.1016/0006-2944(75)90147-7. ISSN 0006-2944. PMID 1.
  16. ^ Bose, K. S.; Sarma, R. H. (27 October 1975). "Delineation of the intimate details of the backbone conformation of pyridine nucleotide coenzymes in aqueous solution". Biochemical and Biophysical Research Communications. 66 (4): 1173–1179. doi:10.1016/0006-291x(75)90482-9. ISSN 1090-2104. PMID 2.
  17. ^ Khan, Mubarak Zeb (16 July 2014). "About 200 top taxpayers awarded 'privilege, honour cards'". DAWN.COM. Retrieved 7 July 2025.
  18. ^ Wiesmann, U. N.; DiDonato, S.; Herschkowitz, N. N. (27 October 1975). "Effect of chloroquine on cultured fibroblasts: release of lysosomal hydrolases and inhibition of their uptake". Biochemical and Biophysical Research Communications. 66 (4): 1338–1343. doi:10.1016/0006-291x(75)90506-9. ISSN 1090-2104. PMID 4.
  19. ^ Release, Press (7 October 2023). "MAP's '38th Corporate Excellence Awards' held in Karachi". Brecorder. Retrieved 7 July 2025.
  20. ^ WINNERS OF THE 38th CORPORATE EXCELLENCE AWARDS AND CERTIFICATES. 07-07-2025
  21. ^ Jamil, Rayyan (26 October 2024). "Pakistan State Oil (PSO) Secures Top Honors in Corporate Excellence and Best Corporate Report Awards". The Pakistan Affairs. Retrieved 7 July 2025.
  22. ^ Congratulations to Pakistani Companies on Winning SAFA BPA Awards 2023. ICMA International. 07-07-2025
  23. ^ "PSO wins 'Silver' at the prestigious South Asian Federation of Accountants". Biz Today. 24 December 2022. Retrieved 7 July 2025.
  24. ^ Bukhari, Yasir (26 October 2024). "Pakistan State Oil (PSO) Secures Top Honors in Corporate Excellence and Best Corporate Report Awards". Markhor Times. Retrieved 7 July 2025.
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