The federal cabinet is likely to approve the appointment of new managing director/ chief executive officer (CEO) of Pakistan State Oil (PSO) in its meeting scheduled to be held today (Tuesday).

According to a copy of agenda of the meeting, the cabinet will approve the name for the appointment of MD/CEO, PSO.

The position of MD PSO was advertised in the local newspapers on June 30, 2019. The short-listed candidates were evaluated through an interview by the PSO's Board which recommended a panel of the four candidates for the position of MD/CEO PSO in the order of preference to seek concurrence of the federal government for appointment of one of the candidates as CEO/MD PSO.

According to the summary of Petroleum Division forwarded to the Prime Minister Secretariat, Syed Muhammad Taha, Nadeem Zaman, Jarri Masood Zaidi and Farrukh Saeed have been short-listed for the post.

An official of Petroleum Division said the Division after clearance of Inter-Services Intelligence (ISI) and Intelligence Bureau (IB) had sent four names to PM Secretariat for final approval to one name out of the four and then the federal cabinet will approve the sane accordingly for notification.

The official said the names of three candidates sent to the PM Secretariat had good reputation. Syed M Taha worked in different capacities in PSO and then he worked in various countries in international oil companies. Nadeem Zaman has no oil and gas background but he has marketing experience as head of Coke Pakistan and has worked even outside the country.

Farrakh Saeed also owns vast experience of oil industry and he held important position in Chevron Caltex in various countries including, USA, S Africa and Singapore and Dubai. Sources, however, said that Jarri Masood Zaidi did not get the clearance from IB.

As per Rule 5 (2) of the Public Sector Companies Corporate Governance Rules 2013 as amended up to 2017 (the Rules), the board has evaluated candidates based on fitness and proper criteria and guidelines specified by the commission for appointment to the position of the chief executive and short-listed candidates to the government for its concurrence.