ISLAMABAD, November 6, 2026: The federal government has executed a major leadership overhaul at Pakistan State Oil Company Limited (PSO), fundamentally reconstituting the state-owned energy giant’s Board of Management and appointing prominent legal expert Mustafa Ramday as its new chairman. According to a formal notification issued by the Petroleum Division of the Ministry of Energy, Ramday has been appointed as an independent director and chairman for a standard three-year term, effective immediately.
The comprehensive reconstitution of the board introduces a blend of legal, corporate, and bureaucratic oversight to the nation’s largest oil marketing company. Alongside Ramday, the federal government has inducted four new independent directors: Muneeb-ul-Haq, Aftab Hussain, Imtiaz Hussain Kazi, and Saira Shahid Hussain. To ensure stringent state alignment, the reconstituted board will also feature heavy ex-officio representation, including the federal secretaries for the Petroleum, Power, and Finance divisions. These secretaries are permitted to nominate substitutes to serve in their place, provided the representatives hold a bureaucratic rank of BS-20 or higher. Furthermore, in a move signalling deeper integration across the state’s energy supply chain, the chief executive officer of Pakistan LNG Limited (PLL) has also been appointed as an ex-officio director. Consequently, the reconstitution marks the departure of former board members Asif Baig Mohammed, Dr Ayesha Waqar, Mushtaq Malik, and Ahmed Jamal Mir.
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Mustafa Ramday’s elevation to the chairmanship brings significant legal and strategic weight to the PSO board. A highly regarded Advocate of the Supreme Court of Pakistan and a former Advocate General of Punjab, Ramday possesses over 28 years of extensive experience in constitutional, commercial, and energy-sector law. His professional portfolio includes advising on the complex legal frameworks surrounding the China-Pakistan Economic Corridor (CPEC), structuring power generation and clean energy projects, and representing major oil, gas, and power-sector entities in high-stakes international arbitration. He is consistently ranked in the top tier for dispute resolution and litigation within Pakistan by global legal directories.
In a highly unusual move for the corporate sector, Ramday confirmed upon assuming office that he will serve the oil marketing giant entirely in an honorary capacity, voluntarily foregoing all directors’ fees and work-related reimbursements. In his opening statement, he clarified to the company and the public that he would not charge PSO any directors’ fee, travel, boarding, lodging, or other associated costs to which he would ordinarily be entitled for corporate duties performed within or outside Pakistan. This gesture of fiduciary austerity has been widely welcomed by the company’s management and employees, setting a strong precedent for corporate governance and accountability.
The sweeping board changes arrive at a time of immense financial momentum for Pakistan State Oil. Despite ongoing supply chain disruptions in the Gulf and broader macroeconomic challenges, PSO recently reported a staggering 172 per cent surge in profitability for the first quarter of the 2026–27 financial year, with net profits jumping to Rs25.56 billion. As the new board settles into its mandate, market analysts expect the leadership to focus aggressively on managing the nation’s circular debt crisis, optimising the petroleum supply chain, and advancing the company’s long-term transition towards cleaner, more sustainable energy operations.