PSO to enhance storage capacity, diversify projects

Pakistan State Oil (PSO) is planning to boost its storage capacity, expand its retail network and diversify projects in a bid to meet the rising energy needs of the country and speed up the company’s growth, said Managing Director Irfan Qureshi, during the 34th annual general meeting of the company. Qureshi said the company has current storage capacity of one million tons of oil, 80% of the country’s capacity, which is mainly based in Karachi. PSO will open 30 new retail outlets across the country in the current financial year to add to the existing network of 3,500 filling stations. As part of its diversification, the company is acquiring Pakistan Refinery Ltd. (PRL). The boards of the two companies have already given their respective approval. The acquisition of the refinery, which is expected to be completed in four months, will help overcome the current shortage of oil products. (September 30, 2010)