Parco is a public sector limited company registered under the Companies Act, 2017. The company was established as a joint venture between the Government of Pakistan (GoP) and Abu Dhabi Petroleum Investment Company (ADPIC) with a share of 60:40 respectively. The total strength of the Board of Directors (BoDs) of PARCO is 10, out of which the GoP nominates six and four represent ADPIC.

In pursuance of the incumbent government's policy for the appointment and empowerment of non-political and autonomous boards, as well as selection of outstanding professional CEOs on merit, the restructuring of the Board of PARCO is being carried out.

In this regard a summary was submitted to the Prime Minister on January 27, 2020 who approved the following composition of BoDs; (i) Secretary Petroleum- Director/ Chairman); (ii) Additional Secretary (Policy), Petroleum Division- Director; (iii) Aftab Hussain- Director (Sindh); (iv) Abdul Hadi Shah-Director(KP); (v) Ms Bushra Naz Malik- Director(Punjab/ Women rep) and; (vi) Managing Director, PARCO- Director.

Meanwhile, Petroleum Division, in order to fill the casual vacancies of the four organisations falling under its administrative control has proposed the following nominations which were approved by the Prime Minister; (i) Shabbir Hussain Hashmi- SNGPL; (ii) Shamsuddin Ahmed Shaikh- PPL; (iii) Iqbal Malik- PMDC and Chief Secretary, Sindh (OGDCL).

Copyright Business Recorder, 2020