KARACHI, Sept 26: Pakistan State Oil (PSO) has initiated various long-term projects notably a joint venture with an international oil conglomerate for setting up an oil offloading and sto age facility at Hub, Balochistan.

Speaking at the 36th Annual General Meeting here on Wednesday CEO and Managing Director Naeem Yahya Mir said projects were underway to transform PSO into an integrated oil company.

He said a petroleum refinery was also being established in Khyber Pakhtunkhwa.

He also gave brief details regarding an agreement with Pakistan National Shipping Corporation (PNSC) to utilise their vessels for transporting imported POL products to Pakistan’s shores resulting in substantial savings of foreign exchange.

PSO Board of Management Chairman Sohail Wajahat Siddiqui stressed that the board was an extension of the shareholders and acts in a supervisory role to ensure maximum returns for the stakeholders.