http://www.pakistantimes.net/2007/01/06/top1.htm
Pakistan State Oil ready for privatization as prime Asset: PM 'By Aziz Malik 'Pakistan Times' Federal Bureau Chief ISLAMABAD: Prime Minister Shaukat Aziz Friday said that Pakistan State Oil (PSO) has become a prime asset ready for privatisation as a result of its corporate transformation, innovative products and services and its leadership position in a highly competitive market. The Prime Minister said this while chairing a high level meeting to review the performance of PSO at PM's House Friday evening. The Minister for Petroleum and Natural Resources, Ammanuallah Khan Jadoon, Minister for Privatisation, Zahid Hamid, MD PSO, Jalees A. Siddiqui and senior officials attended the meeting. Shaukat Aziz said that in keeping with the new paradigm the government is committed to confine its role to policy making within the parameters of a strong regulatory framework as commercial activity is the excluding domain of the private sector. The Prime Minister appreciated PSO's corporate responsibility initiatives including the launch of environment friendly ethanol blended fuel stations in major cities. He emphasised the need for efficient and optimal use of fuel, energy conservation and maintenance of vehicles to save scarce energy resources and to improve environment. The Prime Minister appreciated PSO for maintaining seamless supply of fuel to the remote areas especially the affected areas in the aftermath of the earthquake and for timely re-fuelling of relief flights. The Managing Director PSO in his presentation said PSO is the country's largest marketing company, which achieved an all-time high turnover of over US$ 5.8 in the fiscal year ending June 30, 2006. The company is involved in storage, distribution and marketing of POL products in the country with an overall market share of 65 percent, he added. Reorganization of PSPC Meanwhile, the Prime Minister has said that restructuring and reorganization of Pakistan Security Printing Corporation (PSPC) has transformed it into an efficient organization and improved its competitiveness and productivity. The Prime Minister was chairing a meeting here Friday to review the progress of the project involving balancing, modernisation and replacement (BMR) of bank note printing and finishing machines of Pakistan Security Printing Corporation (PSPC). The Prime Minister appreciated that the project was completed within the targeted period and resources. The upgraded machinery enabled the Corporation to design and print the new currency notes with newt features, the Prime Minister added. The Prime Minister said that Pakistan Security Printing Corporation is a national asset and meeting important needs of the country. He asked the management to continue to make efforts to increase competitiveness of the corporation and focus on exporting their services in addition to meeting the domestic requirements. MD PSPC in his presentation informed the Prime Minister that Pakistan Security Printing Corporation has the responsibility to prepare all security papers, currency notes, machine readable passports and stamps and the entire work is carried out domestically by the Corporation. He said with the new machines and latest technology, PSPC is now capable to product banknotes with the most modern security features and with international quality standards. The MD PSPC said automated finishing and packing machines will eliminate manual process with much reduced human involvement. Thus the security risk due to extensive human interaction has been greatly reduced. He said the project included BMR of old and obsolete machinery and equipment installed 20-25 years ago. With the completion of BMR project the requirement of the machinery for producing banknotes has been completed for the next ten years. +++ -------------------------- Want to discuss this topic? Head on over to our discussion list, [EMAIL PROTECTED] -------------------------- Brooks Isoldi, editor [EMAIL PROTECTED] http://www.intellnet.org Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. 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