The WEF has a strict criteria allowing its
membership to only top players within their industry and/or country;
with a leading role in shaping the future of their industry and/or
region; engaging in activities with a global dimension; and enjoying
healthy growth and a good reputation.
PSO is regarded as one of the most successful and
ethically responsible corporate entities in Pakistan. It is the
country's largest Oil Marketing Company involved in storage,
distribution and marketing of POL products. A well-established
infrastructure, at par with international standards, provides PSO an
edge over its competitors. It is the only public sector organization
in Pakistan that has been competing effectively with three
In their Information Memorandum on PSO, the leading
international Financial Adviser, JP Morgan, recently acknowledged the
significant progress made by the company towards putting in place the
basic framework for corporate reform in line with modern concepts and
practices. This includes streamlining the investment planning process,
developing a model for business-wise and product-wise profitability
analysis and developing a comprehensive Corporate Plan.
The decision by WEF Management Board to select PSO
as a member of the Forum has been taken based on detailed due
diligence of the company's corporate standing and ethical practices
and involved written communication, teleconferences and queries
through Pakistani diplomatic mission in Geneva.
The prestigious membership provides a unique
opportunity to PSO to work with foremost global enterprises on issues
shaping the world business environment and having a far-reaching
impact on world affairs.
GOVT ATTACHES GREAT IMPORTANCE TO EDUCATION
The Federal Information Minister, Sheikh Rashid
Ahmed has said that the government attaches great importance to
education. The allocation of Rs. 4.5 billion made in the recently
announced national budget for higher education is a reaffirmation of
government's commitment to promote higher education in the country.
The Minister said this while addressing the graduating students,
senior management and faculty of Preston University, educationists,
intellectuals and high-ranking officials of the civil bureaucracy at
the 29th Convocation of Preston held at a local hotel. More than 250
graduates were awarded Bachelors and Masters degrees at the
convocation. He congratulated the graduating students for successfully
accomplishing a very important goal in their educational career. He
commended the role played by the faculty and management of Preston
University in making the students attain this significant goal in
their lives by consistently coaching and mentoring them.
UBL PROVIDES RS. 1.0 BILLION TO SUI SOUTHERN GAS
A simple and impressive signing ceremony for a
6-year long term finance facility of Rs. 1.0 billion arranged by
United Bank Limited (UBL) for SSGC was held on June 9, 2003 at SSGC
Head office Building, Karachi. The facility memo was signed by Mr.
Amar Zafar Khan, President UBL and Mr. Munawar B. Ahmad, MD SSGC.
Senior officials of the company and UBL were present on the occasion.
SSGC is the gas transmission and distribution
utility operating in the southem part of Pakistan and caters to the
natural gas requirements of around 30 percent of the country's
population based in Sindh and Baluchistan provinces. The company's
customer base comprises of industrial consumers (75.14%), domestic
users (22.05%), and commercial users (2.81%). The facility arranged by
UBL will be used to finance the company's gas infrastructure
development plan. On the occasion, Managing Director Munawar B. Ahmad
appreciated the efforts of the team involved in the transaction and
said that the facility would enable the company to reduce their
financial cost and further improve their profitability.