Sales revenues rise 23% for PSO

Pakistan State Oil Co. Ltd. (PSO) reported sales revenues in Fiscal Year 2009 of Rs. 719 billion (US$8.6 billion), representing a 23% increase over the previous year’s sales figure of Rs. 583 billion (US$7.01 billion), mainly due to the reliance of the power sector on PSO for the supply of furnace oil. The company was able to sustain its sales volumes and market share despite the overall economic slowdown and decline in petroleum products consumption in the white oil segment. Volume sales grew by 1.5%, from 13 million tons to 13.2 million tons. PSO ended the year with an overall market share of 71.3%, compared to 70.5% during previous year. (August 12, 2009)