Pakistan Oilfields

Pakistan Oilfields
State sector
Public
Traded as KSE: POL
Industry Oil and gas industry
Genre Oil and gas exploration
Successor Ministry of Petroleum and Natural Resources
Founded November 25, 1950 (1950-11-25)
Founder Ministry of Petroleum and Natural Resources
Headquarters Rawalpindi
Area served
 Worldwide
nationwide
Key people
 Shuaib A. Malik
(Chairman and CEO)
Khalid Nafeez Zaidi
(Chief Financial Officer)
Dr. Shoaid Naseer
(Chief Medical Officer)
Board of Governors
(Ministry of Petroleum and Natural Resources)

The Pakistan Oilfields Limited (KSE: POL; formerly known as Pakistan-Soviet Oil FIelds), is a global competitive oil exploration consortium and megacorporation, located in Rawalpindi, Punjab Province of Pakistan.[1] The Pakistan Oilfields is a subsidiary of the Attock Group of Companies, was incorporated on 25 November 25, 1950, with the financial capital and technical cooperation of the Soviet Union.[2]

In 1978, Pakistan Oilfields took over the exploration and production business of Alishba Oil Company. Since then, Pakistan Oilfields has been investing independently. Pakistan Oilfields is a leading oil and gas exploration and production company listed on all the three stock exchanges of Pakistan.

Corporate overview

The Pakistan Oilfields was incorporated by the Ministry of Petroleum and Natural Resources (MoPMR) on 25 November 1950, by the government of Prime Minister Liaquat Ali Khan. In 1959, Minister of Energy Zulfikar Ali Bhutto officially proceeded with Nikita Khrushchev on a bilateral cooperation agreement; the Soviet Union officially joined the project as a joint-venture in 1960. The joint-venture was established as "Pakistan-Soviet Oilfields", with Pakistan Petroleum also joined hands in this megaproject.[2] In 1961, with technical advisers and financial capital provided by the Soviet Union, the oilfields and Pakistan Petroleum began oil exploration and began drilling the extracted field with Soviet help in 1961 and activity began in Toot during 1964.[3] It became part of the Attock Group of Companies (AOC) which had most of its shares and control over the management.[4]

In 1978, the POL was horizontically integration and took over the exploration and production business of AOC.[4] Since then, POL has been investing independently and in joint venture with various exploration and production companies for the search of oil and gas in the country.[4] In addition to exploration and production of oil and gas, POL also manufactures LPG, Solvent Oil and Sulphur. POL markets LPG under its own brand named POLGAS as well as through its subsidiary CAPGAS (Private) Limited.[4] POL also operates a network of pipelines for transportation of its own as well as other companies' crude oil to Attock Refinery Limited. In 2005, the Company acquired a 25% share in National Refinery Limited, which is the only refining complex in the country producing fuel products as well as lube base oils.[4]

Subsidiaries

See also

References

  1. ↑ "Official site". Pakistan Oilfields. Retrieved 11 September 2012.
  2. 1 2 Hussain, Nazir (2012). "USSR-Pakistan Relations: A historical recount" (PDF). Journal of Political Studies. Journal of Political Studies. 19 (1): 79–89 [83]. Retrieved 11 September 2012.
  3. ↑ Editorships and authoriships. "Exploration History of Pakistan". Pakistan Association of Petroleum Geoscientists. Retrieved 11 September 2012.
  4. 1 2 3 4 5 POL. "Overview". POL. Retrieved 11 September 2012.
This article is issued from Wikipedia - version of the 7/30/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.