Pakistan Company News – Appointment of Chief Executive Officer / Managing Director of Pakistan Petroleum Limited

Appointment of Chief Executive Officer / Managing Director of Pakistan Petroleum Limited

Karachi, Pakistan Petroleum Limitedinformed Pakistan Stock Exchange that Mr. Syed WamiqBokhari resigned as Chief Executive Officer / Managing Director of the Company as of the end of June 2018. The Board of Directors has appointed Mr. Saeed Ullah Shah Chief Executive Officer / Managing Director of the Company for an interim term of three months up to September 30, 2018 or until the appointment of a new chief executive officer / managing director of the Company.

Pakistan Petroleum Limited was incorporated in Pakistan in 1950. The objectives of company include conducting exploration, prospecting, development and production of oil and natural gas resources. The subsidiaries of the company are PPL Europe E&P Limited formerly MND Exploration and Production Limited, PPL Asia DMCC and the Pakistan Petroleum Provident Fund Trust Company Private Limited. The jointly controlled entity is Bolan Mining Enterprises with 50% shareholding. The registered office of the company is located in Karachi. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan.

The operations of the company include production of natural gas, crude oil, liquid natural gas and liquefied petroleum gas. The company was incorporated in Pakistan as a public limited company in June 1950. The major shareholdings belonged to Burmah Oil Company of the UK. In September 1997, BOC disinvested from the exploration and production sector worldwide and sold its equity in PPL to the Government of Pakistan. The shareholding of the company is currently divided between the government which owns 71% of the shares, private owners with 22% shares and PPL employee Empowerment Trust which amounts to 7% shares.

PPL operates six producing fields across the country at Sui, Adhi, Kandhkot, Chachar, Mazarani and Hala and holds working interest in fifteen partner-operated producing fields, including Qadirpur. PPL has a portfolio of 47 exploration assets from which the company operates 27, including one contract in Iraq, while 20 blocks, comprising three offshore leases in Pakistan and two onshore concessions in Yemen, are operated by joint venture partners. The PPL fields/ departments are ISO 9001, 14001 and OHSAS 18001 certified.

The symbol “PPL” is being used by the stock exchange for the shares of Pakistan Petroleum Limited.