Company type |
State sector Public limited company |
---|---|
PSX:
PPL Pakistan Stock Exchange | |
Industry | Energy |
Genre | Oil and gas |
Founded | 5 June 1950 |
Founder | Government of Pakistan |
Headquarters | , |
Number of locations | Nationwide |
Area served | Worldwide |
Key people | |
Products |
Petroleum Natural gas Motor fuels Aviation fuels |
Revenue | Rs. 286.48 billion (US$990 million) [1] (2023) |
Rs. 165.60 billion (US$570 million) [1] (2023) | |
Rs. 97.93 billion (US$340 million) [1] (2023) | |
Total assets | Rs. 790.11 billion (US$2.7 billion) [1] (2023) |
Owner | Government of Pakistan |
Number of employees | 2,594 [1] (2023) |
Subsidiaries | Bolan Mining Enterprise (BME) |
Website |
www |
Pakistan Petroleum Limited (PPL) ( Urdu: پاکستان پیٹرولیم لمیٹڈ) is a Pakistani state-owned petroleum company.
The company is headquartered in Karachi. It operates major oil and gas fields, including the Sui gas field, has non-operating interests in other fields, and has an interest in an exploration portfolio onshore and offshore. The company's Managing Director reports to the Petroleum Secretary of Pakistan.
Pakistan Petroleum Limited was incorporated on 5 June 1950, [2] when it inherited the assets and liabilities of the Burmah Oil Company Ltd. which initially held 70% of the share with the rest mostly held by the government of Pakistan (GoP).
In 1997, the former company Burmah Oil Company of the United Kingdom sold all its remaining equity in this company to the Government of Pakistan. [2]
In 2004, Pakistan Petroleum was listed on the Karachi Stock Exchange, following an initial public offering at PKR 55 per share. [3]
As of June 2011, Government of Pakistan held 70.66% of the shares.
PPL is operator and shares 100% in two fields:
Bolan Mining Enterprises is a joint venture on an equal basis between Pakistan Petroleum and the government of Baluchistan. A grinding mill having a capacity of 50,000 tonnes per year was set up and has met almost 80 percent of the total barytes required by oil exportation companies operating in Pakistan. Bolan barytes are produced in accordance with the American Petroleum Institute specifications. Bolan has been authorised by API to use their 'official nomogram' on Bolan barytes. [2]
During the financial year 2010–2011, the sales of barytes were 41,316 tonnes and Bolan earned a pre-tax profit of PKR 138.864 million from the barytes project in Khuzdar, as compared to PKR 148.800 million earned in 2009–2010. A sum of PKR 27.440 million appropriated towards reserves for development and expansion. The company's net 50% share of the profit was PKR 55.712 million during the financial period 2010–2011. [6]
In December 2019, Pakistan Petroleum announced that it had made new discoveries of fresh oil and gas deposits in Sindh and Balochistan. [7]