ANNOUNCEMENT

 

June 16 - 22, 2003 

 

PSO GAINS GLOBAL RECOGNITION

Pakistan State Oil (PSO) has become the first Pakistani entity to join the prestigious ranks of the World Economic Forum (WEF) members comprising top global corporate institutions.
The WEF, headquartered in Geneva, Switzerland, is a business-centred international foundation providing a multi-stakeholder framework for dialogue and collaboration, which helps engage business-and business leaders-in the major challenges confronting mankind. Its annual meeting traditionally held in Devos, Switzerland has become the leading gathering of global decision-makers.

 

 

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 multinational companies.

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 COMPANY LIMITED

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.