Federal cabinet may approve appointment of new MD PPL

The federal cabinet scheduled to meet on Tuesday is likely to take a final decision to fill the top lucrative slot of Managing Director (MD), Pakistan Petroleum Limited (PPL) by choosing one of the three shortlisted candidates.

According to sources, the federal cabinet is expected to choose one of three shortlisted candidates during this week’s scheduled meeting for the top position (MD) of Pakistan Petroleum Limited (PPL).

So far, the interviews for the position have already been conducted and three candidates named as Imran Abbasi, Moin Raza Khan, Sikandar Memon have been shortlisted whereas Abbasi is most likely to win the race while Moin Raza is currently engaged with PPL as acting MD and he has secured position in a list of the shortlisted candidates for the top position of PPL.

As per sources, Abbasi has secured the maximum score in the interview process and his name is placed at the top of the list of shortlisted candidates.

Imran Abbasi is currently working with an Exploration and Production (E&P) company in Canada. He was earlier selected for the top position of Oil and Gas Development Company Limited (OGDCL) but could not join due to personal reasons.

Incumbent PPL CEO Moin Raza Khan is also among the shortlisted candidates with his name placed at second number in the list. However, he is considered as a controversial candidate with his short listing raising serious questions due to certain allegations against him.

Sources said that Moin Raza Khan has been facing a National Accountability Bureau (NAB) reference while the company, under his leadership, has allegedly suffered significant losses due to drilling activity being significantly reduced and gas production also decreasing from 950 million cubic feet per day (mmcfd) to 650 mmcfd during the last three years among other reasons.

As per sources, the job contract of acting MD PPL Moin Raza Khan had expired six months ago. However, the federal government, on the recommendation of PPL board, granted extension to his job contract till February 22, 2022.    

So far, Moin Raza Khan has not handed over the charge of the office of PPL despite expiry of his job contract on February 22, 2022, said sources.

Despite repeated attempts to secure the stance of acting CEO of PPL, he did not appear for comments.

The third shortlisted candidate is Sikandar Memon, who is reportedly not a suitable choice to fill the top position of PPL as he secured low marks during the interview process.

Pakistan Petroleum Limited is a non-funded publicly listed company incorporated under the Companies Ordinance, 1984; established to undertake oil and gas exploration activities in the country and abroad.

The government has 74.86 per cent shares and the right to nominate all the directors on the BoD of the company commensurate to the ratio of its equity as provided under Section 164(2) of the Companies Act, 2017.