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PSO witnesses significant growth in market share(Daily Messenger (Pakistan) Via Acquire Media NewsEdge) The public sector marketing company-Pakistan State Oil's (PSO) market share in different product groups witnessed significant growth over the past five months. According to official sources, from August onwards, PSOs share in the HSD market rose from 50% to 57% while share in MOGAS remained steady at 50% despite stiff competition in the market. The Company's share in the lubricants market also rose from 16% to 28% amongst OMCs across Pakistan within a period of just three months, the source added. The sources said that as a result of these cohesive efforts the Company expects to witness record revenue of Rs 30 billion during the period July 2013 to November 2013. "During the five months period of July to November 2013, there was not a single bank default on account of non-payments of Letters of Credit (LCs) due to prudent fund management," the source said. This is especially significant as during the preceding five months (February - June 2013) there were four defaults amounting to Rs 17 billion on different dates. During the period July to November 2013, PSO successfully fulfilled the Furnace Oil demand of the public sector and private sector electricity generating companies, and catered high demand of Motor Gasoline in the country due to low availability of CNG. Gasoline import has been 30% higher than that during same period last year. A web-based application OOMS (Online Order Management System) was launched in July 2013, automating the entire sales order process to facilitate the dealers to place orders and make payments online. A human resource development initiative for capacity building and leadership development was launched by signing an MoU with Suleman Dawood School of Business (SDSB) of the Lahore University of Management Sciences (LUMS). An internship programme for the students of universities across Baluchistan was also launched. As a responsible corporate citizen, PSO extended support to fellow citizens affected and displaced by flood by providing relief items to meet their nutritional and shelter needs in the month of October, 2013. According to an official source, in the first quarter financial year 2014, PSO reported highest ever quarterly after tax earnings of Rs 7.8 billion in comparison to Rs 4.3 billion during same period last year, witnessing a growth of 81%. The source said PSO would also setup a oil refinery in Khyber Pakhtunkhwa as part of the efforts to make the leading public sector company an integrated energy company. The source added the PSO had signed a Memorandum of Understanding (MoU) with the Government of Khyber Pakhtunkhwa (GoKP) for the establishment of a state-of-the-art oil refinery in the province. As per this MoU, the refinery would have a capacity of 40,000 Barrels Per Day (BPD) on about 400 acres of land in district Kohat - Khyber Pakhtunkhwa. Regarding reports about shifting the site of the refinery, the source said such news or reports were not in their knowledge. |