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Tag Archives: PSO

PSO declares 50 percent decline in net profit for first half

KARACHI: Pakistan State Oil (PSO) has declared 50 percent decline in net profit for half-year period ended on December 31, 2018, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday. The state run oil company has declared Rs4.25 billion for January – December 2018 as compared with Rs8.522 billion in the corresponding period of the last year. ... Read More »

SC directs NAB to probe MD PSO’s appointment

ISLAMABAD: The Supreme Court on Saturday summoned National Accountability Bureau (NAB) to probe into the matter regarding the appointment of Managing Director (MD) of Pakistan State Oil (PSO). Chief Justice of Pakistan Justice Mian Saqib Nisar ordered the NAB to also inform the court of its probe into Liquefied Natural Gas (LNG). While observing the irregularities of the government, CJP ... Read More »

Former PSO GM, others remanded to NAB custody

KARACHI: An accountability court has remanded two accused in NAB custody, allegedly involved in a big scam, damaging national treasury over billions of rupees, till July 24. The National Accountability Bureau produced accused Akhtar Jamil, Qaisar Jameel and Kamran Iftikhar Lari before the accountability court seeking their physical remand for further interrogation. The court, on the request of the NAB ... Read More »

Rs176b of Rs200b owed by power sector: Irate Nawaz swears action as petrol crisis rages on  

LAHORE/ISLAMABAD: As the petrol crisis continues to suffer the public, especislly in Punjab, Prime Minister Nawaz Sharif accompnied by Punjab Chief Minsiter Shahbaz chaired a meeting to review the petrol crisis and pledged a stern action action against the officials including ministers whose negligence and indifference triggered the crisis. On the occasion, Shahbaz Sharif infromed the prime minister that a ... Read More »

LCCI urges govt to restore fuel supply on war footings

LAHORE: The Lahore Chamber of Commerce and Industry urged the government to take immediate measures regarding supply of petroleum products whose shortage is not only damaging trade & economic activities but also hitting the general public hard. In a statement LCCI President Ijaz A. Mumtaz said that fuel shortage has brought the vehicular traffic to a grinding halt in the ... Read More »

People face worst petrol shortage in Lahore

LAHORE: Transporters and common citizens suffering due to drastic slash in the supply of petrol in the provincial capital of Punjab. Out of 300 gasoline stations in Lahore, only 25 to 30 were open on Friday where long queue of vehicles was seen. A representative of petroleum dealer association told to Customs Today that the remaining pumps, which are open, ... Read More »

2.5m tonnes of high sulphur gas oil: PSO okays accord with Kuwaiti company

ISLAMABAD: State-run Pakistan State Oil Company finalized term of a contract with Kuwait Petroleum Corporation for the supply of about 2.5 million tonnes a year of high sulphur gas oil. As per details, the PSO finalised a gas oil supply deal for 2015 with Kuwait Petroleum Corporation for the supply of 2.5 million tonnes a year of high sulphur gas ... Read More »

2.5m tones of high sulphur gas oil: PSO okays accord with Kuwaiti company

ISLAMABAD: State-run Pakistan State Oil Company finalized term of a contract with Kuwait Petroleum Corporation for the supply of about 2.5 million tonnes a year of high sulphur gas oil. As per details, the PSO finalised a gas oil supply deal for 2015 with Kuwait Petroleum Corporation for the supply of 2.5 million tonnes a year of high sulphur gas ... Read More »

Rs21.8b earning with 73% growth: Mamnoon greets PSO on inclusion in Forbes top 2000 Company list

ISLAMABAD: President Mamnoon Hussain lauded the outstanding performance of the PSO and its subsequent inclusion in Forbes top 2000 Company list, saying that it’s a great honour for PSO to represent Pakistan on the international business arena as a national flag bearer. He greeted PSO MD & CEO Amjad Parvez Janjua on the phenomenal success of PSO under his leadership ... Read More »

Rs21.8b profit: Mamnoon lauds PSO CEO for 73% revenue growth

ISLAMABAD: President Mamnoon Hussain has said that the business performance and profitability showed by the PSO has set new benchmarks for corporate sector and has proved that Pakistani public sector companies capable enough to compete with multinational companies. President Mamnoon Hussain stated this while greeting Pakistan State Oil (PSO) MD and CEO Amjad Parvez Janjua on the oil marketing company’s ... Read More »

FIA faces strong resistance for placing PSO MD name on ECL

ISLAMABAD: The Senate Standing Committee on Petroleum and Natural Resources has condemned the Federal Investigation Agency (FIA) for putting Pakistan State Oil (PSO) Managing Director and Deputy Managing Director’s names of exit control list (ECL) without any proof. However, the FIA Additional Director has informed the committee that the names of top PSO officials were being removed from the ECL ... Read More »

Strong PSO, APL rally led KSE gain 172.44 points

KARACHI: The Karachi Stock Exchange (KSE) 100-index rebounded with 172.44 points to close at 30376.53 points due to strong selected rally in oil marketing companies and auto companies’ shares. The market opened at the overnight closing of 30207 points and kept on upward march. The investors responded positively to the positive trend in the market and remained engaged in trading. ... Read More »

PSO Q1 profit falls to Rs5.243b from Rs7.79b, down 33% on declining sales

KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketing company by revenue and market share, on Tuesday reported a 33 percent fall in its first-quarter net profit on sharp decline in sales. PSO’s net profit for the quarter ended September 30 fell to Rs5.243 billion from Rs7.79 billion in the same period last year, the company said in a ... Read More »

OGRA likely to suggest Rs9.88 per litre cut in petrol prices

ISLAMABAD: After a sharp cut in petroleum prices in International markets, the Oil and Gas Regulatory Authority (Ogra) is considering to suggest the government to cut the prices of petroleum products up to Rs9.88. OGRA and PSO have come to a conclusion after thorough research on declining oil prices in Gulf region, the prices of HOBC have plunged by Rs9.88 ... Read More »

KSE upbeat on strong buying in PSO, Attock Petroleum

KARACHI: The Karachi Stock Exchange (KSE) 100-index continued its bullish trend for third consecutive day in a volatile trading and also maintained 30,000 psychological barrier by gaining 73.36 points to finish 30098.49 points with a volume of 113,364,510 shares on last day of trading, Friday. KSE-30 index went up by 91.21 points as closed at 19,977.30 points as against 19,886.09 ... Read More »

KSE keeps floating on buoyant PSO, K-Electric scrips

KARACHI: The Karachi Stock Exchange (KSE) 100-index continued its bullish trend for third consecutive day in a volatile trading and also maintained 30,000 psychological barrier by gaining 73.36 points to finish 30098.49 points with a volume of 113,364,510 shares on last day of trading, Friday. KSE-30 index went up by 91.21 points as closed at 19,977.30 points as against 19,886.09 ... Read More »

Commerce Ministry asked to make TCP contract with PNSC

ISLAMABAD: The Standing Committee on Ports and Shipping met in the Parliament House, Islamabad under the Chairmanship of Syed Ghulam Mustafa Shah, MNA to consider the following agenda:- Input by the Ministry of Commerce relating to the issues of Pakistan National Shipping Corporation (PNSC). The Chairman, Pakistan National Shipping Corporation (PNSC) with reference to ECC decisions of 22nd November, 2012 wherein ... Read More »