finan c ial valu a tions of P SO i s fut i le… Pakistan’s biggest petroleum handle r , Pakistan State Oil ( P S O ) is on the verge of financial collapse since its o u t standi n g dues from various ‘ e ner g y sector’ e ntities has reach e d to the extent of Rs 1 80 b n (whi c h is highest in 4‐y e ars). It seems t hat no bailing out is for t h c o ming from m i nistry of finan c e (M o F). A c tual cash flows o f t he entity have gone n e gative due t o incidence of more short term loans t o keep the dai l y operations afloat. It is imperative that the calculation o f DCF value o f such an entity may be a futile exercise and thus ta n t a mount to mislead investors. Liabiliti e s swe l ling… Wh e n PS O is not receiving du e p a yments, it is hard for the i r treasury to a r range paym e nts for r efineries. Ri g ht now PS O has t o p a y R s 1 7 2 b n of man y companies th a t also include international pri n cip...

The Ministry of Petroleum and Natural Resources has notified appointment of Sohail Wajahat Siddiqui as chairman of the board of directors of Pakistan State Oil (PSO) . Siddiqui has replaced Nazim F Haji with immediate effect. Sohail heads Siemens Pakistan Engineering Company Limited as its Managing Director and Chief Executive Officer. He has served as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) and also served as chairman of Pakistan Red Crescent Society, Sindh. Siddiqui has also served as board member of Pakistan Steel. He is also the founding member of the Pakistan Business Council. In recognition to his contribution towards the national cause, he has been awarded Sitara-e-Imtiaz. (The News) 

President Asif Ali Zardari has called upon the private sector of the country to take full advantage of the level playing field provided to it by the present Government through financial and structural reforms. During awards distribution ceremony among the top ranking companies and business entities for the year 2008 & 2009 held at Aiwan-e-Sadr on Monday, the President said that the success of the winning corporations highlights the opportunities Pakistan offers to business and investment. We have a very conducive investment climate, he said. According to prepared text of speech, the President said that Pakistan was lagging behind in the manufacturing sector and its share in the global exports was not what it should be. The private sector needs to play a greater role in enhancing manufacturing capacity to serve regional and global markets, he emphasized. The President said that the stock exchanges also need to extend their outreach throughout the country. This, he said, will increas...

DOHA: Pakistan State Oil (PSO) ranked 29th among the list of top 100 companies of the Muslim World released here. US Consultancy, Dinar Standard in their 5th Annual Ranking released the list of 100 top companies of 57 member countries of the Organization of Islamic Conference (OIC), which depicted Turkey's 23 companies among the list bagging most, while the largest oil company of the world Aramco topped the list. PSO ranked 29th whose revenue as compared previous year was seen surged by 41 percent. Previous year PSO was ranked at 31st and Sui Northern Gas at 99th.

The oil-marketing giant Pakistan State Oil (PSO) has posted Rs 10.049 billion losses after tax in half year (July-December 2008-09) due to huge inventory losses as well as the increased financing cost. The financial results of the company announced on Tuesday indicated that profit nose-dived sharply in the period under review from Rs 5.487 billion profit after tax (pat) in the corresponding period of previous year. Though the company posted a significant 58 percent increase in revenues, huge inventory losses amid sharp decline in oil prices from its peak level led to gross losses in first half of current fiscal. The operating expenses and finance costs also increased drastically by 102 percent and 597 percent respectively amid currency devaluation and higher short-term borrowing. The loss per share of the company also plunged heavily to Rs 58.59 against the earnings per share of Rs 32 recorded in the same period of previous year. Analysts attributed that finance cost increase to short-...

Pakistan State Oil (PSO) has launched Vehicle Identification System (VIS) for their valued customers particularly users of pre-paid cards. The VIS is the state of the art system that provides full automation by identifying and recognising the vehicle in which the fuel needs to be dispensed. Vehicle is recognised before delivery of the product by using a special device. According to details revealed during the launch ceremony, a smart tag is installed in the fuel tank of the vehicle, while the sensor or the reader is placed in the nozzle of the dispensing unit. As soon as the nozzle is placed in the fuel tank of the vehicle it senses and recognises the vehicle and allows the dispensing unit to start the filling operation. staff report