PM gives green light for PARCO MD hiring

Summary sent to cabinet for formal approval of MD’s appointment

ISLAMABAD:

Caretaker Prime Minister Anwaarul Haq Kakar has given the green light to appoint Irteza Qureshi as the new regular managing director of Pak Arab Refinery Limited (Parco).

He is currently working as the deputy managing director (DMD). According to sources, eight potential candidates had been shortlisted during the first phase for the slot of Parco MD.

Two candidates were from the Engro Group, one from contractor company Schlumberger, two from Parco, one from K-Electric and one from Sui Southern Gas Company (SSGC).

In the final phase, the government shortlisted three candidates, who included SSGC MD, Schlumberger CEO and Parco DMD Irteza Qureshi.

Sources pointed out that the candidate from the contracting company could not be hired due to the conflict of interests whereas the SSGC MD had been allowed by the company’s board to continue his services.

Consequently, one candidate was left with a professional background, who had earlier been working in the country’s largest oil and gas explorer – Oil and Gas Development Company Limited (OGDCL) – and is currently working in Parco.

Sources said that the Petroleum Division had submitted a summary to the prime minister, who gave the nod for appointing the Parco DMD as the new MD. He also gave directives to table a case before the cabinet for formal approval.

Later, a summary was sent to the cabinet, which is expected to accord its approval next week.

Read Mafia pilfering oil from PARCO line roams free

The board of directors of Parco, a joint venture between Pakistan and the United Arab Emirates (UAE), had earlier approved the hiring of Qureshi as the DMD, who took charge in early September 2021.

Having served as the chief financial officer (CFO) in OGDCL, Qureshi, a UK-qualified chartered accountant, brings diverse experience in both private and public sectors as well as multinational organisations within and outside of Pakistan.

His tenure at OGDCL saw significant achievements, including value creation, enhanced governance and financial control.

As the CFO, he played a pivotal role in implementing major HR reforms, achieved operational efficiencies and focused on diversification, resulting in substantial savings, estimated at Rs150 billion over a period of 10 years due to measures like “pensionable employment cessation” and salary capping.

OGDCL experienced a considerable reduction in procurement costs and benefited from lowered service rates by up to 50%, leading to significant savings in the company’s finances.

Parco, established in 1974, is likely to benefit from Qureshi’s expertise for future growth and success of the company.

Published in The Express Tribune, February 3^rd, 2024.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.