Press Release Archive

2022-12-17

Staying true to its commitment of driving the energy sector forward, the leading energy company, Pakistan State Oil (PSO) has added yet another product to its extensive portfolio by introducing the latest technology around the world as per API standards – DEO MAX, the country’s first fully synthetic CK-4 graded diesel engine oil. Being the first of its kind in Pakistan, DEO Max offers longer oil drain interval, enhanced engine protection and reduced emissions. The rising concerns of its predecessor’s (CJ-4) inability to withstand the aggressive and harsh operating environment of technically advanced engines brought forward the need for a new, improved and cost-efficient solution. Since its launch globally, CK-4 engine oils already have a proven performance track record confirming its robustness, reliability and economic efficiency. In comparison to its predecessor CJ-4, CK-4 prolongs the oil change interval up to 60%. Revolutionizing the energy landscape in Pakistan, DEO Max is formulated to deliver exceptional performance in modern as well as pre-dated heavy diesel engines. Technology being used in DEO Max has passed strict performance tests to qualify where API CK-4, CJ-4, CI-4 Plus, CI-4 & CH-4 oils are recommended. Built with the world’s best lubricant additive, DEO Max is available country wide at all PSO retail forecourts, Hi street lubricant markets and also throughout B2B segment. Being the national flag bearer, PSO continues to be at the forefront of introducing new and advanced technologies in every sphere of its operations as it pledges to enhance the fueling experience in Pakistan..

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2022-10-28

The national energy icon, Pakistan State Oil (PSO) reported a profit after tax of PKR 1.2 billion in Q1 of the financial year 2022-2023 while the group posted a net profit after tax of PKR 2.1 billion for the period despite the turbulent quarter. The Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2022, during the meeting held at the company’s head office in Karachi on October 27, 2022. Geo-political tension continued to cause significant fluctuations in the price of crude oil globally whereas Pakistan experienced historic devastation due to flash floods, affecting one-third of the country and leaving 33 million people homeless. Owing to these uncontrollable factors, the petroleum industry witnessed a sharp decline in consumption of all major products in the quarter as industry volumes decreased by 24.4% in white oil and 16.1% in black oil. Despite the obstruction in intercity movement due to massive flooding in major regions of Sindh, lower Punjab and Baluchistan, PSO continued to fulfill its responsibility, supplying fuel nationwide, maintaining adequate stocks to aid in relief efforts and keep the wheels of the nation’s economy in motion. The company’s market share increased by 1.3% in white oil and 1.6% in black oil, reaching 48.8% and 65.6% respectively. Standing strong with the nation in the time of need once again, PSO contributed approximately PKR 56 million in flood relief efforts and CSR activities while the company’s employees donated two days’ salary for the cause. Further strengthening its robust supply chain and infrastructure, 4000 tons of storages were rehabilitated in the period. Significant headway was also made in innovation, digitization and diversification initiatives with numerous projects in advanced stages of completion. The board expressed concern over mounting trade receivables, noting a significant increase compared to June 30, 2022. The matter is being actively pursued with the concerned authorities for settlement. The management extended its gratitude towards its stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders and employees for their continued support..

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2022-10-27

The national energy icon, Pakistan State Oil (PSO), convened its 46th Annual General Meeting for financial year 2021-22 on October 26, 2022 in Karachi. Shareholders were apprised about record breaking results as the company surpassed its previous years’ historic financial performance, achieving an all-time high gross revenue of PKR 2.7 trillion (FY21: PKR 1.4 trillion) and a record profit after tax of PKR 86.2 billion (FY21: PKR 29.1 billion) i.e. a 196% increase. The net profit translated into an earning per share of PKR 183.66 (FY21: PKR 62.07). Based on the outstanding financial and operational performance of the company, Board of Management declared a final dividend of PKR 10/- per share (100%) for the financial year 2021-22..

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2022-08-14

The country's leading energy company and national flag bearer, Pakistan State Oil (PSO), celebrated 75 years of Pakistan's Independence at PSO House, Karachi. On this momentous occasion, Managing Director & CEO, Syed Muhammad Taha hoisted the national flag, which was followed by the national anthem and prayers for the country’s prosperity and progress..

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2022-06-30

Minister of State (Petroleum Division), Ministry of Energy, Mr. Musadik Malik visited PSO's Head Office in Karachi. Managing Director & CEO, Pakistan State Oil (PSO), Syed Taha welcomed the honorable guest along with the company's senior management..

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2022-04-28

Pakistan' s premier energy marketing company, Pakistan State Oil Co. Ltd. (PSO) continues to dominate the energy market, reporting highest ever nine-month profit after tax of PKR 64.8 billion (9MFY21: PKR 18.2 billion), demonstrating the company's agility and strength across its diverse portfolio. PSO outperformed the industry in all petroleum products, leading to an astounding increase in its market share by 3.4% compared to June 30, 2021..

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2022-03-30

Pakistan's largest energy company - Pakistan State Oil (PSO), signs Fuel Supply and Technical Services Agreements with TotalEnergies Aviation (TEA) at their headquarters at La Defense Paris France. The agreements were signed by Chief Supply Chain Officer, PSO - Mr. Abdus Sami and President, TEA - Mr. Joel Navaron. Senior officials from both companies were present during the ceremony..

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2022-02-11

The country's largest energy company, Pakistan State Oil (PSO) continues to gain momentum and outperform the industry reporting the highest ever half year gross revenue of PKR 1.12 trillion and profit after tax of PKR 32.2 billion (1HY21: PKR 9.5 billion). The net profit translated into a healthy earning per share of PKR 68.56 vs. PKR 20.28 in 1HFY21..

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2022-01-24

The country's leading energy company, Pakistan State Oil (PSO) further strengthens its strategic partnership with Pakistan Railways by signing a Memorandum of Understanding (MoU) for the supply of POL products, transportation and other businesses..

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