Government appoints Mustafa Ramday PSO chairman for three years
The Supreme Court advocate and former Punjab advocate general says he will forgo directors' fees, travel and other costs attached to the job
The federal government has reconstituted the Board of Management of Pakistan State Oil Company Limited, appointing Mustafa Ramday as chairman and independent director for a three-year term with immediate effect. The company announced the appointment in a statement on Friday.
Ramday is an Advocate of the Supreme Court of Pakistan and a former Advocate General of Punjab. The statement said he has more than 28 years of experience in constitutional, commercial and energy-sector law. He has advised on the legal framework for the China-Pakistan Economic Corridor, on power generation and on clean energy projects, and has represented oil, gas and power-sector entities in international arbitration, according to the statement. Chambers & Partners ranks him in its top tier for dispute resolution and litigation in Pakistan.
On taking office, Ramday said he would serve PSO in an honorary capacity and would not charge the company directors' fees or work-related costs.
"I would like to make it clear, to the company and to everyone else, that I will not charge PSO any directors' fees, travel, boarding, lodging or other costs to which I would be entitled for any PSO work, whether within or outside Pakistan," he said.
PSO is the country's largest oil marketing company by market share. It sells motor gasoline, high-speed diesel, furnace oil, jet fuel, kerosene, CNG, LPG, petrochemicals and lubricants, and imports products to meet domestic demand.
The company operates 3,649 retail outlets, nine major installations and 19 depots, and provides aviation refuelling at 15 airports. The statement said its distribution network is the most extensive in the country. The Government of Pakistan is its largest shareholder with a 22.47% stake.
How the reports differ
Business Recorder reported the appointment from a company statement issued on Friday and quoted Ramday's undertaking to forgo directors' fees and all work-related costs. The Express Tribune's accompanying report dealt with a different subject: Justice Aamer Farooq's observation that the Federal Constitutional Court's legal pronouncements are binding on the Supreme Court. It carried no details of the PSO board, so the appointment rests on Business Recorder's account of the company statement.
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