The federal government has appointed Mustafa Ramday as chairman of Pakistan State Oil Company Limited (PSO) with immediate effect. Ramday will also serve as an independent director for a three-year term, according to the company’s press release. The government reconstituted PSO’s Board of Management as part of the same decision.
Ramday said he would serve in an honorary capacity. He will forgo directors’ fees and waive reimbursement for travel, accommodation and other expenses related to PSO work. The commitment covers assignments both in Pakistan and abroad.
“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.”
Mustafa Ramday’s legal and energy-sector experience
Ramday brings more than 28 years of experience in constitutional, commercial and energy-sector law. He is an advocate of the Supreme Court of Pakistan and previously served as advocate general of Punjab.
He has advised on the legal framework for the China-Pakistan Economic Corridor (CPEC), as well as on power generation and clean energy projects. His work also includes representing oil, gas and power-sector entities in international arbitration. Chambers & Partners lists him in Band 3 for general commercial dispute resolution in Pakistan.
Who sits on the reconstituted PSO board?
The nine-member board has five independent directors, including Ramday, and four ex-officio directors. Muneeb-ul-Haq, Aftab Hussain, Imtiaz Hussain Kazi and Saira Shahid Hussain are the other independent directors.
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The secretaries of the Petroleum, Power and Finance divisions sit on the board as ex-officio directors. Each secretary may designate a representative of at least BS-20 rank. The chief executive officer of Pakistan LNG Limited holds the fourth ex-officio seat.
The reshuffle follows the expiry of the previous board’s statutory term. On October 26, the Cabinet Committee on State-Owned Enterprises approved two independent director nominations, including one for a woman. The committee considered the nominations as part of the board’s reconstitution.
PSO’s role in Pakistan’s fuel supply
PSO sources and distributes petrol, high-speed diesel, jet fuel and liquefied natural gas, among other products. In its FY2025 annual report summary, the company reported 3,649 retail outlets and storage capacity of 1.24 million tonnes. Its network also included nine terminals, 19 depots and 15 airport refuelling facilities. PSO sourced fuel from local refineries and through imports.
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PSO’s management and employees welcomed Ramday and the reconstituted board. They said they looked forward to the board’s guidance on strengthening corporate governance and upholding transparency and accountability. The company also pointed to two priorities for the board’s tenure: creating long-term value for shareholders and fulfilling PSO’s responsibility to meet Pakistan’s energy needs.
