PACRA Withdraws Entity Ratings of Pakistan State Oil Company Limited
On account of non-renewal of rating mandate, PACRA has withdrawn entity ratings of Pakistan State Oil Company Limited.
PSO is listed on Pakistan Stock Exchange (PSX). The company is 22% owned by Government of Pakistan (GOP), ~15% by NBP, and 3% by PSOCL Employee Empowerment Trust. Other major shareholders comprise financial institutions (~45%) and the general public (~15%). GOP exercises its control through direct and indirect holding. With a network of 3,514 retail outlets (company operated: 25) and ~50% market share during FY18 (FY17: ~54%). PSO is primarily engaged in storage, distribution, marketing and import of petroleum and related products. A.F.Ferguson & Co., a member firm of PWC, and EY Ford Rhodes are the external auditors of the company. They have expressed an unqualified opinion on the company’s financial statements at end-Jun18.