Pso Pakistan

FORCE THAT DRIVES THE NATION

Rising to challenges and standing by the nation during its times of need, we at PSO derive satisfaction from succeeding against the odds and elevating the nation to greater heights. Exploring new avenues, charting new courses and learning from our experiences is what inspires and energizes us ever further. Because we are the force that drives the nation, everyday.

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CONTENTS

CORPORATE OBJECTIVES

Vision Mission Core Values Code of Conduct Company Profile Corporate Events 04 05 06 09 11 12

CORPORATE GOVERNANCE

Message from the Honorable Minister of Petroleum and Natural Resources Message from the Secretary Ministry of Petroleum & Natural Resources Message of the Chairman Message of the CEO & MD Company Information Profiles of Board of Management Board Committees 18 19 20 22 25 26 34 38 42 43 44 48 70 74

SUSTAINABILITY OVERVIEW

PSO on The Road to Sustainability

REPORT TO SHAREHOLDERS

Global and Domestic Business Environment Petroleum Industry Overview PSO Performance Key Achievements Financial Performance Outlook and Challenges

NOTICE OF ANNUAL GENERAL MEETING FINANCIALS

PSO at a Glance Financial Analysis Statement of Compliance with the Code of Corporate Governance Review Report Auditor’s Report Balance Sheet Profit and Loss Account Statements of Comprehensive Income Statement of Changes in Equity Cash Flow Statement Notes to the Financial Statements Attendance at Board Meetings Shareholder’s Categories Pattern of Shareholdings

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82 89 91 93 94 96 97 98 99 100 101 150 153 155

PSO Annual Report 2012

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VISION

To excel in delivering value to customers as an innovative and dynamic energy company that gets to the future first.

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MISSION

We are committed to leadership in the energy market through competitive advantage in providing the highest quality petroleum products and services to our customers, based on: Professionally trained, high-quality, motivated workforce that works as a team in...