Pakistan State Oil (PSO), the nation's leading energy company has signed a Memorandum of Understanding (MoU) with Pakistan National Shipping Corporation (PNSC) for the usage of PNSC vessels for transportation of imported furnace oil to Pakistan. The signing ceremony was held at Governor House on Wednesday between Naeem Y Mir CEO & MD-PSO and Saleem Ahmed Meenai, Chairman PNSC.
Also present were Raja Pervez Ashraf Prime Minister of Pakistan, Ishratul Ebad Khan Governor Sindh, Qaim Ali Shah Chief Minister Sindh, Dr Asim Hussain Advisor to the PM on Petroleum and Natural Resources, Qamar Zaman Kaira Federal Minister for Information and Broadcasting and Babar Ghauri Federal Minister for Ports and Shipping.
By signing this MoU, PSO has moved one step closer to becoming a fully integrated oil company as espoused by the CEO & MD of the company. By utilising Pakistani ocean liners for bringing in imported fuel oil, PSO will be able to strengthen its supply chain and reduce dependence on foreign transportation networks. Additionally, making service payments in rupees will result in substantial savings in cost and foreign savings which will translate into cost benefits for end consumers as well.-PR
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