Government appoints Mustafa Ramday as chairman of PSO board
The federal government has reconstituted the Board of Management of Pakistan State Oil and named Mustafa Ramday chairman. He is appointed for three years with immediate effect.
For information only, not investment advice. Prices change quickly: check the time and source of every figure.
- Mustafa Ramday named PSO chairman and independent director for three years
- Appointment takes effect immediately
- He will serve in an honorary capacity without directors' fees
The federal government on Friday reconstituted the Board of Management of Pakistan State Oil Company Limited (PSO). It appointed Mustafa Ramday as chairman and independent director for a three-year term, with immediate effect, according to a statement reported by Business Recorder and 24 News Business.
The statement said Ramday has more than 28 years of experience in constitutional, commercial and energy-sector law. He is an Advocate of the Supreme Court of Pakistan and a former Advocate General, Punjab.
According to the reports, he has advised on the legal framework for the China-Pakistan Economic Corridor (CPEC), power generation and clean energy projects. He has also represented oil, gas and power-sector entities in international arbitration. Chambers & Partners ranks him in its top tier for dispute resolution and litigation in Pakistan.
Ramday will serve PSO in an honorary capacity, forgoing directors' fees and work-related expenses. He said: "I would like to make it clear, to the company and to everyone else, that I will not charge PSO any directors' fee, travel, boarding, lodging or other costs to which I would be entitled for any PSO work, whether within or outside Pakistan."
The reconstituted board includes Muneeb-ul-Haq, Aftab Hussain, Imtiaz Hussain Kazi and Ms Saira Shahid Hussain as independent directors.
Ex-officio directors are the Secretary of the Petroleum Division, the Secretary of the Power Division, the Secretary of the Finance Division and the CEO of Pakistan LNG Limited.
24 News Business reported that PSO's management and employees welcomed Ramday and the reconstituted board.
Background
khabr.pk's records show petrol at Rs352.59 per litre and high-speed diesel at Rs382.25 per litre as of 5 November.
Why it matters
PSO is the state fuel company, so its leadership affects fuel supply and prices for Pakistani consumers. The board includes the secretaries of the petroleum, power and finance divisions. Petrol was Rs352.59 and diesel Rs382.25 per litre on 5 November, according to khabr.pk's records.
