History
PSO was founded in 1974. Not 1976. The Pakistan State Oil (PSO) was established under an intensified economic programme, called the nationalization programme, on December 30, 1976, by the government of Prime minister Zulfikar Ali Bhutto. The megacorpration is Horizontally integratd with the integration of the previous privately owned oil and gas enterprise; integration began with the merger of Pakistan National Oil (PNO Co.) and Dawood Petroleum Limited (DPL) as one single Premier Oil Company (POC Ltd) in 1974. On 3 June 1974, the government owned Petroleum Storage Development Corporation (PSDC) was established as the umbrella corporation but it was renamed as State Oil Company (SOC Ltd) August 23, 1976. A vested integration was carried out with the forcefully purchasing of the Esso Eastern and the control was took over by the State Oil Company; the government amalgamated all integrated corporation to one single category, called the "Oil Marketing Companies" (OMCo.)
On 30 December 1976, the Premier Oil Company and State Oil Company was horizontally integrated into one single incorporation, giving way to Pakistan state Oil (PSO). The strategic integration of all private oil enterprises into one single megacorporation was considered the pivotal success of the Nationalization Programme of Pakistan Peoples Party.
Since then, the PSO has been under the directives of government-ownership and proposals have been rebuffed to privatization process have been rebuffed. From 1999 to 2004, the PSO had undergone radical changes, both internal and external and has emerged with a new look and as a market presiding entity with a long term vision. The PSO is the only public sector entity in Pakistan that has been competing effectively with three foreign multinationals, Shell, Caltex and Total.
The PSO is currently enjoying over 73% share of Black Oil market and 59% share of White Oil market. It is engaged in import, storage, distribution and marketing of various POL products including mogas, high speed diesel (HSD), fuel oil, jet fuel, kerosene, liquified petroleum gas (LPG), compressed natural gas (CNG) and petrochemicals. PSO also enjoys around 35% market participation in lubricants and is blending/marketing Castrol brands, in addition to a wide array of its own.
It is considered as one of the most successful mergers in the history of Pakistan. The megacorporation has retail coverage of over 3,800 outlets, representing 80% participation in total industry network. The company has been the winner of Karachi Stock Exchange top companies award for many years and is a member of World Economic Forum. The PSO serves a wide range of customers throughout Pakistan including retail, industrial, aviation, marine and government/defence sectors. The PSO has been meeting the country’s fuel needs by merging sound business sense with national obligation.
Read more about this topic: Pakistan State Oil
Famous quotes containing the word history:
“The disadvantage of men not knowing the past is that they do not know the present. History is a hill or high point of vantage, from which alone men see the town in which they live or the age in which they are living.”
—Gilbert Keith Chesterton (1874–1936)
“[Men say:] “Don’t you know that we are your natural protectors?” But what is a woman afraid of on a lonely road after dark? The bears and wolves are all gone; there is nothing to be afraid of now but our natural protectors.”
—Frances A. Griffin, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 19, by Susan B. Anthony and Ida Husted Harper (1902)
“What you don’t understand is that it is possible to be an atheist, it is possible not to know if God exists or why He should, and yet to believe that man does not live in a state of nature but in history, and that history as we know it now began with Christ, it was founded by Him on the Gospels.”
—Boris Pasternak (1890–1960)