Type State sector
Public Industry Oil and gas industry Founded 25 November 1950 | Traded as KSE: POL Headquarters Rawalpindi | |
Genre Oil and gas exploration Successor Ministry of Petroleum and Natural Resources Parent organization The Attock Oil Company Limited Founders Ministry of Petroleum, Natural Resources | ||
The Pakistan Oilfields Limited (KSE: POL; formerly known as Pakistan-Soviet Oil FIelds), is a global competitive oil exploration consortium and megacorporation, located in Rawalpindi, Punjab Province of Pakistan. The Pakistan Oilfields is a subsidiary of the Attock Group of Companies, was incorporated on 25 November 25, 1950, with the financial capital and technical co-operation of the Soviet Union.
Contents
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.
Corporate overview
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. 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. It became part of the Attock Group of Companies (AOC) which had 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 AOC. 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. In addition to exploration and production of oil and gas, POL also manufactures 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.