Govt Appoints Irteza Qureshi as new MD Parco

Staff Report

ISLAMABAD: The Caretaker government has appointed Irteza Qureshi as the new managing director of Pak Arab Refinery Limited (Parco).

He has been appointed MD for three years.

Earlier, the Prime Minister had given the green light to appoint the deputy managing director (DMD) of Pak Refinery Limited (Parco) as the new regular managing director of the company.

The Board of Directors of Pak Arab Refinery Limited (Parco) appointed Irteza Qureshi as the new Managing Director (DMD) in Pakistan. The refinery is a joint venture between Pakistan and UAE.

He had assumed charge of his office during the first week of September 2021 as deputy managing director (DMD) Parco.

PARCO board has now approved his appointment as the next managing director of the company. He had worked in Oil and Gas Development Company Limited (OGDCL) as Chief Financial Officer (CFO).

Irteza Qureshi is a UK-qualified Chartered Accountant with diverse experience in private and public sectors and multinational organizations within and outside Pakistan.

He joined OGDCL in 2015 and ever since his efforts have directly impacted value creation and ensured the long-term sustainability of the company.

Throughout his tenure as CFO of OGDCL, he has professionally discharged his fiduciary duties and taken the core issues head-on.

He has played an instrumental role in improving the governance and financial controls of the company. So far, his efforts have resulted in major HR reforms, operational efficiencies & savings, and a focus on diversification.

The Company (OGDCL) had taken decisive steps in 2016 to stop pensionable employment and introduced salary capping across the employee groups. These measures are expected to bring savings to the tune of Rs 150 billion over 10 years.

During his tenure, the procurement costs have come down considerably. The company has benefitted from a reduction in rates of Services by up to 50%. The savings accrued run into billions.

Has championed the case for diversification and converting OGDCL into an energy company.

Last but not least, Irteza Qureshi carries with him the solid hands-on strategic and operational experience of OGDCL, the largest company in Pakistan with large-scale operations across the four provinces. Now it is likely that Irteza Qureshi will prove to be an asset to PARCO and will be a leading partner for the future growth and success of this Company.

PARCO is a Joint Venture (JV) between the Government of Pakistan (GoP) and the Emirate of Abu Dhabi, incorporated as a public limited company in 1974. The government of Pakistan holds 60% of the shareholding while the Emirate of Abu Dhabi holds 40% through its Mubadala Investment Company.