PSO’s 43rd AGM held

KARACHI: Despite high outstanding principal receivables, state-run Pakistan State Oil (PSO) was exploring new business avenues, a top official said on Monday.

Speaking at the 43rd annual general meeting of the company, Jehangir Ali Shah, managing director and chief executive officer of PSO, said: “PSO’s receivables from the power sector, PIA, SNGPL and the Ministry of Finance as of June 30, 2019 stood at Rs234 billion.”

Despite corporate impediments and ever-challenging economic scenario in the country, the company continued to lead Pakistan’s petroleum downstream market with a share of 42.4 percent in total liquid fuels.

“During the year, PSO also continued its expansion activities, adding more customers, distributors, and outlets. In addition, the C-Store upgrade continued along with other promotional and marketing activities,” he added. The PSO management highlighted they were successful in tackling the challenges being faced by the industry in the wake of the overall challenging economic situation in the country.