Cabinet to approve appointment of PARCO’s BoDs

Aftab Ahmed

Prime Minister Office has approved the nomination of six directors of the board of Pak Arab Refinery Limited (Parco), a joint venture between Pakistan and Abu Dhabi.

This is the country’s largest oil refinery which was set up with joint investment between the government of Pakistan and Abu Dhabi. This is a strategic project between two countries to strengthen bilateral relations.

Pak-Arab Refinery Limited (PARCO) is a Public Sector Limited Company registered under the Companies Act, 2017. The Company was established as a venture between the Government of Pakistan (GoP) and Abu Dhabi Petrol Investment Company (ADPIC) at a ratio of 60:40, respectively. The total strength of the Board of Directors (BoDs) of PARCO is 10. Of them, the government of Pakistan nominates 6, and four are represented by ADPIC.

In pursuance of the incumbent Government’s policy for the appointment, empowerment of non-political and autonomous Boards, as well as selection of outstanding professional CEOs on merit through the same, the restructuring of the board of directors (BoDs) of PARCO is being carried out. In this regard, a Summary for the Prime Minister was submitted on January 27, 2020.

Subsequently, the Prime Minister’s Office had approved the composition of the board of directors of PARCO. Sources told Newztodays.com that the summary had been submitted to the cabinet now for formal approval in a meeting scheduled on Tuesday.

The Petroleum Division had nominated six directors. It proposed Secretary, Petroleum Division as chairman of Pak Arab Refinery, Additional Secretary (Policy) Petroleum Division as a director. It had also proposed Aftab Hussain as director from Sindh, Abdul Hadi Shah from KPK.

Ms. Bushra Naz Malik has been nominated as representative of women from Punjab and Managing Director, PARCO as director of the board of Parco refinery. Prime Minister Office has approved this composition of the board of directors of Parco to be submitted to the cabinet. Sources said that the cabinet is likely to give go-ahead to the proposed names to appoint as new directors of a board of PARCO.