The Federal Government has reconstituted the Board of Management of Pakistan State Oil Company Limited (PSO), appointing Mustafa Ramday as its Chairman and Independent Director for a three-year term, effective immediately.

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 a former Advocate General of Punjab.

His professional experience includes advising 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 organisations in international arbitration.

Chambers and Partners has ranked him in its top tier for dispute resolution and litigation in Pakistan.

Ramday to Serve PSO Without Remuneration

After assuming office, Ramday confirmed that he would serve PSO in an honorary capacity. He said he would not charge the company directors’ fees or claim work-related expenses.

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“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,” he said.

Newly Reconstituted PSO Board

The reconstituted Board of Management includes the following members:

PSO’s management and employees welcomed Ramday and the newly reconstituted board.

The company said it looked forward to their guidance in strengthening corporate governance, promoting transparency and accountability, and creating long-term value for shareholders.

The board will also oversee the company’s role in meeting Pakistan’s energy needs.