New PSO MD: Haque to be at the helm of affairs on Sept 1

He was appointed in May, has now given assurance to the government

ISLAMABAD: Elengy Terminal Pakistan Limited Chief Executive Officer Sheikh Imranul Haque has given assurances to the government that he will join Pakistan State Oil (PSO) as the new managing director from the beginning of September.

Haque was selected for the post in May this year after the approval of Prime Minister Nawaz Sharif, but he has yet to take over the responsibilities.

Before his appointment, the tenure of managing director Shahid Islam, who was working as the acting head of PSO, ended on April 30 but he kept on looking after the affairs of Pakistan’s largest oil marketing company in a temporary arrangement.

He got the extension as the government had replaced the company’s management earlier this year following petrol shortages, particularly in Punjab, and because of delay on the part of Haque to join the company.

Later, Yaqoob Sattar was handed over the acting charge of the company and he is still at the helm.



Now, the assurance from Haque comes at a time when the National Accountability Bureau is conducting an investigation into the award of a contract to Elengy, a wholly owned subsidiary of Engro Corporation, for setting up a liquefied natural gas (LNG) handling terminal. Investigators have sought complete record of the tendering and evaluation process as well as LNG services agreement from Sui Southern Gas Company.

“Imranul Haque will join PSO as the new head and is being given orientation from the company,” said Petroleum and Natural Resources Minister Shahid Khaqan Abbasi while talking to The Express Tribune. “He has assured us that he will join the company from September 1.”

Haque’s appointment is of particular interest for many as he comes from a private company that has its fate closely linked with PSO. Elengy is operating the LNG terminal whereas PSO has been tasked with arranging gas shipments, which is a multi-million-dollar programme.

Despite repeated attempts, Haque did not respond to requests for comments.

Earlier, the top management of PSO was suspended along with key officials of the petroleum ministry following the petrol crisis in Punjab at the start of January this year. Though all the suspended officials of the ministry were restored later, PSO high-ups were not reinstated.

“This was despite the fact that PSO continued to supply petrol during the crisis more than its share,” commented an industry insider.

“The real story is that a son of a cabinet member has been the middleman in oil supply to some petroleum marketing companies and the petrol crisis was deliberately created to benefit the companies that had mounting inventory and were fearing losses due to low oil prices in coming months,” he said.

Published in The Express Tribune, August 14^th, 2015.

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