The board of management of the Pakistan State Oil (PSO) on Friday upheld the deal signed between the PSO and Petrosin for LPG supply to auto stations, Business Recorder has learnt reliably. Sources revealed that during the meeting of BoM held here on Wednesday, the legal implications of PSO''s deal with Petrosin were discussed.
"PSO administration had already got approval through a majority vote from BoM regarding the deal with Petrosin," sources said adding that now a follow-up meeting was held in Islamabad to fine tune the deal amid its opposition by some board members.
Sources also said that the majority of the members of BoM observed that all legal requirements had been met in relation to the deal. Sources maintained that DG Oil was among the four members of BoM who had given approval to a deal with Petrosin. According to the board charter, PSO has the authority to strike a deal if majority of its board members vote in favour of a deal.
"But now he is opposing the deal after facing pressure from the top officials of the Ministry of Petroleum," sources added. "Three members of BoM including DG Oil also held a meeting with the Petroleum Minister at his residence on Wednesday to seek his guidance," sources further revealed. PSO recently signed a deal with Petrosin at Rs 7.03 per kg commission. In a meeting of BoM held in Karachi, out of a total of 7 members, 4 had supported the deal with Petrosin whereas three members had sought further information.