Govt to shift PSO head office to Islamabad
Aftab Ahmed
The federal government plans to shift the head office of Pakistan State Oil (PSO) from Karachi to Islamabad before December 2021.
Sources said that the petroleum division had given an ambitious target given to Zafar Usmani Chairman PSO’s Board of Management (BoM) to execute a plan.
Now, Usmani is making the struggle to shift PSO’s Head Office to Islamabad before December 2021.
Like PIA, officials of the Petroleum division said that the government of Pakistan probably wants to maximize profits by shifting their Head Offices to Islamabad being Federal entities.
“After the 18th amendment, Sindh is taking maximum chunk, officials said.
PSO is a state-run entity that supplies oil and Liquefied Natural Gas (LNG) across the country. Earlier, its core business was a supply of petroleum products. However, it inked an LNG deal with Qatar during the previous regime of PML-N.
For a long, it has been facing a financial crunch due to the issue of circular debt. Its receivables have been over Rs 300 billion due to the failure of its clients to make payments. Its main defaulter is the power sector.
Pre-Mature retirement of Employees
PSO has several employees who were working in the head office in Karachi. Officials said that it would not lay off employees forcefully. If someone does not want to move to Islamabad, he or she may opt for the “Pre-Mature” retirement option, they said.
