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PSO posts Rs4.2bn quarterly profit

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KARACHI: Pakistan State Oil (PSO) posted an after-tax-profit of Rs4.2 billion during the first quarter of 2012-13 compared to Rs2.5 billion the same period last year, said Chief Executive Officer and Managing Director of PSO Naeem Yahya Mir.

PSO’s revenues touched Rs325 billion as compared to Rs279 billion in the corresponding period last year, representing a growth of 16 per cent.

PSO achieved overall market share of 6.8 per cent as compared to 64.3 per cent during the corresponding period last year.

Addressing a press conference on Thursday at PSO House, Yahya said that aim of the new management was to change this state-owned company from marketing and distribution company to global energy company by developing an integrated supply chain including exploration, refining, transportation and shipping.

He mentioned that the leading state oil companies were integrated oil companies with control of whole supply chain spread over crude/gas production, separation of liquid gas and export through tankers or pipelines. They did earn 60 per cent profit from their production activity, 8 per cent from shipment, 12 per cent from refining and 20 per cent from distribution.

He said PSO was the only production company with no access to other operations linked to oil industry.

“I want to eliminate middlemen from the drilling to marketing by introducing new machinery,” he remarked.—APP

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