Yahya Ameer likely to take the helm at PSO

He is the strongest among three names being sent to prime minister.

ISLAMABAD:

Prime Minister Yousaf Raza Gilani is likely to appoint Yahya Ameer as new managing director of Pakistan State Oil (PSO), the country’s largest oil marketing company, in a restructuring drive to improve the financial health of state-run oil and gas companies.

Ameer has wide experience of working in the oil industry and has been associated with Kuwait Petroleum Corporation (KPC).

Petroleum Minister Dr Asim Hussain confirmed to The Express Tribune that following interviews held on Monday, Yahya Ameer emerged as the top candidate for the slot. Eleven candidates appeared before a committee for the interviews after the government published advertisements, inviting applications from aspirants for the post.

To move the process forward, sources said the Ministry of Petroleum and Natural Resources would send a summary to the prime minister containing three names – Yahya Ameer, Wasi Khan and Irfan Khan.

Wasi Khan has the experience of working with Bosicor oil refinery while Jehangir Shah is the acting managing director of PSO.

“Yahya Ameer will be recommended for the post of PSO MD as he meets all requirements of the government,” the petroleum minister said and added that no candidate was given favour in the process.

Under the restructuring drive, the government has already appointed new heads of Sui Southern Gas Company (SSGC), Sui Northern Gas Pipelines Limited (SNGPL), Pakistan Petroleum Limited (PPL), Pak Arab Refinery Company (Parco) and Government Holdings Private Limited (GHPL).

The managing director of the Oil and Gas Development Company (OGDC) is yet to be appointed. Though interviews were conducted earlier, the interview committee, headed by the petroleum minister, could not find a suitable candidate and decided to re-advertise the post.

The new managing director of PSO will face an uphill task to cope with the inter-corporate debt which is eroding profits of the company. At present, PSO is facing a financial crunch due to growing inter-corporate debt caused by inability of power companies to make timely payments on account of fuel supply.

On October 25, receivables of PSO stood at Rs161.7 billion against payables of Rs153 billion to local and international fuel suppliers.

Published in The Express Tribune, October 26^th, 2011.