Pakistan Oilfields Limited

Pakistan Oilfields Limited
State sector
Public
Traded as PSX: POL
Karachi Stock Exchange
Industry Oil and gas industry
Genre Oil and gas exploration
Founded 1913 (1913) at Attock, Pakistan[1]
Founder Ministry of Petroleum and Natural Resources
Headquarters Rawalpindi, Pakistan
Area served
 Pakistan
Parent Attock Group
Website pakoil.com.pk

The Pakistan Oilfields Limited (KSE: POL; formerly known as Pakistan-Soviet Oil FIelds), is a Pakistani oil exploration company located in Rawalpindi, Punjab Province, Pakistan.[2][3]

The Pakistan Oilfields was founded in 1913 with the discovery of oil in Attock but it was incorporated on 25 November 1950, with the financial capital and technical co-operation of the Soviet Union.[1][4]

It is government-owned company and is a subsidiary of the Attock Group of Companies.[1]

In 1978, Pakistan Oilfields took over the exploration and production business of Alishba Oil Company. Since then, Pakistan Oilfields has been investing independently. Pakistan Oilfields is a leading oil and gas exploration and production company listed on all the three stock exchanges of Pakistan.[5]

History

The Pakistan Oilfields was incorporated by the Ministry of Petroleum and Natural Resources (MoPMR) on 25 November 1950, by the government of Prime Minister Liaquat Ali Khan. In 1959, Minister of Energy Zulfikar Ali Bhutto officially proceeded with Nikita Khrushchev on a bilateral co-operation agreement; the Soviet Union officially joined the project as a joint-venture in 1960. The joint-venture was established as "Pakistan-Soviet Oilfields", with Pakistan Petroleum also joined hands in this megaproject.[4] In 1961, with technical advisers and financial capital provided by the Soviet Union, the oilfields and Pakistan Petroleum began oil exploration and began drilling the extracted field with Soviet help in 1961 and activity began in Toot during 1964.[6] It became part of the Attock Group of Companies (AOC) which has most of its shares and control over the management.

In 1978, the POL was horizontically integration and took over the exploration and production business of Attock Oil Company. Since then, POL has been investing independently and in joint venture with various exploration and production companies for the search of oil and gas in the country.[3] In addition to exploration and production of oil and gas, POL also manufactures Liquefied petroleum gas (LPG), Solvent Oil and Sulphur. POL markets LPG under its own brand named POLGAS as well as through its subsidiary CAPGAS (Private) Limited. POL also operates a network of pipelines for transportation of its own as well as other companies' crude oil to Attock Refinery Limited. In 2005, the Company acquired a 25% share in National Refinery Limited, which is the only refining complex in the country producing fuel products as well as lube base oils.[3]

See also

References

  1. 1 2 3 Rehman, Adeel. "Pakistan Oilfields Limited - Company Information". www.pakoil.com.pk.
  2. ↑ "Pakistan Oilfields discovers hydrocarbon". www.thenews.com.pk.
  3. 1 2 3 Company Overview of Pakistan Oilfields Limited on Bloomberg.com website, Retrieved 3 November 2017
  4. 1 2 Hussain, Nazir (2012). "USSR-Pakistan Relations: A historical recount" (PDF). Journal of Political Studies. Journal of Political Studies. 19 (1): 79–89 [83]. Retrieved 3 November 2017.
  5. ↑ Pakistan Oilfields profit rises 27 percent Dawn (newspaper), Updated 28 January 2017, Retrieved 3 November 2017
  6. ↑ Editorships and authoriships. "Exploration History of Pakistan". Pakistan Association of Petroleum Geoscientists. Retrieved 3 November 2017.
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