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History |
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The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on
January 1st; the government took over and merged Pakistan National Oil (PNO) and
Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).
Soon after that, on 3rd June 1974, Petroleum Storage Development Corporation (PSDC) came
into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on August 23rd
1976. Following that, the ESSO undertakings were purchased on 15th September 1976 and
control was vested in SOCL. The end of that year (30th December 1976) saw the merger of the
Premier Oil Company Limited and State Oil Company Limited, giving way to Pakistan state
Oil (PSO).
After PSO’s inception, the corporate culture underwent a comprehensive renewal program which
was fully implemented in 2004. This program over the years included the revamping of the
organizational architecture, rationalization of staff, employee empowerment and transparency
in decision making through cross functional teams. This new corporate renewal program has
divided the company’s major operations into independent activities supported by legal, financial,
informative and other services. Inorder to reinforce and monitor this structural change, related
check and balances have been established by incorporating monitoring and control systems.
Human Resource Development became one of the main priorities on the company’s agenda under
this corporate reform.
It is due to this effective implementation of corporate reform and consistent application of the best
industrial practices and business development strategies, that PSO has been able to maintain its
market leadership in a highly competitive business environment. |
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January 1, 1974
The federal government took over the management of PNO (Pakistan National Oil)
and DPL (Dawood Petroleum Limited), renamed into POCL (Premier Oil Company
Limited) under marketing of Petroleum Products (Federal Control Act, 1974) |
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June 6, 1974
The government incorporates “Petroleum Storage Development Corporation’ PSDC |
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August 23, 1976
PSCDC renamed to State Oil Company Limited (SOCL)
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September 15, 1976
The Governement purchases ESSO undertakings, vests their control in SOCL |
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December 30, 1976
The Government merges PNO and POCL into SOCL (State Oil Company Limited)
and renames it Pakistan State Oil Company Limited (PSO) |
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1999
The new vision program is launched with the new logo of PSO. |
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