PSO clears overdrafts with all banks

PSO clears overdrafts with all banks

ISLAMABAD: Pakistan’s biggest oil marketing company Pakistan State Oil (PSO) has managed to clear its overdrafts with all banks and now has a net surplus cash position of Rs2.1 billion, said the company’s Managing Director (MD) Naeem Yahya Mir in a meeting Wednesday with company employees at PSO House. The meeting was held to review overall achievements of the past year and outline the upcoming projects.

“This historic achievement to clear overdraft was made possible with the support of the government,” Mir said.

This came at the heels of highly profitable three quarters in fiscal year 2013 and the company would hopefully continue to perform well in the future as well, said Mir.

Mir outlined key initiatives the company had taken in line with the new vision, which included signing a contract for the transport of furnace oil with the Pakistan National Shipping Corporation, and a Memorandum of Understanding (MoU) with the government of Khyber-Pakhtunkhwa for the establishment of a 40,000 barrel state-of-the-art refinery in the province.

He also took this opportunity to outline some of the alternative energy projects the company was exploring which included signing a MoU with Engro to look into the feasibility of exploring the Thar Coal project, and another MoU with the Balochistan government for the establishment of a Jathropa plantation for bio-diesel cultivation in the province.