-1

-

Company Profile Summary: Company profile for Pakistan State Oil Pakistan State Oil came in to being on January 1, 1974, when federal government took over management of Pakistan National Oil (PNO) and Dawood Petroleum Limited (DPL) and renamed them Premier Oil Company (POCL) under the marketing of petroleum products (federal control) Act, 1974. On June 3, 1974 the Petroleum Storage Development Corporation (PSDC) was taken over and renamed the State oil company limited. Government merged Pakistan National Oil and Premier Oil Company in to the State oil Company Limited and then on December 30, 1976 renamed it Pakistan State Oil Company limited. The Company has approximately 3,700 retail outlets across Pakistan, including 1,609 New Vision Outlets. During the fiscal year ended June 30, 2007, it sold 11.8 metric tons of petroleum, oil and lubricants products. Location Head office in Clifton Karachi Branch Offices in Various cities of Pakistan Key people • • • • • Revenue M. Jalees Siddiqui, Chief Executive Officer Sardar M. Yasin Malik, Chairman

Products Oil Natural gas Petrochemicals

Financial facts ▲PKR 349.7 Billion (2007) Net income ▲PKR 4.7 Billion (2007) Market Share Pakistan State Oil is currently enjoying over 82 % share of Black Oil market and 61 % share of White Oil market. It is engaged in import, storage, distribution and marketing of various petroleum products including mogas, high speed diesel (HSD), fuel oil, jet fuel, kerosene, liquified petroleum gas (LPG), compressed natural gas (CNG) and petrochemicals. Pakistan State Oil also enjoys around 35 % market participation in lubricants and is blending / marketing. Castrol brands, in addition to a wide array of its own. The company has retail coverage of over 3,800

-2outlets, representing 80% participation in total industry network. (Pakistan State Oil, 2008). Personnel There are 1952 employees in the company. Website www.psopk.com Competitiveness The petroleum, oil and lubricants (POL) industry in Pakistan is made up of two major players, Pakistan State Oil and Shell Pakistan. Caltex came in third whereas Total Parco is on fourth. Attock Petroleum has the smallest share of the market. Pakistan State Oil is the largest oil marketing company which is facing competition from these competitors. Overcoming Obstacles • • • • • Rising Oil Prices in the international market New employees are dissatisfied with the working conditions of the company

It overcame these obstacles in the following way: As alternative to fuel, Pakistan State Oil is developing Ethanol which would be available at reasonably less price. Pakistan State Oil is creating customer friendly environment at its petrol pumps: contracts with United Bank Limited and Pizza Hut are in progress Pakistan State Oil is developing environment friendly products which emit less smoke.

Problem identification
The 19th  World   Energy   Congress   in   Sydney  (Corporate turnaround of Pakistan State Oil, 2004), very   clearly  mentioned the problem identification and the purpose of turn around strategy of Pakistan State Oil. • Pakistan State Oil was loosing its market share, the overall performance of the company before the year 2000 had been sliding downwards. The company was also encumbered with several litigations and had difficult dealers and transporters to deal with. • • Internally it had no sound business model to undertake short and long term business planning supported by proper capital budgeting system. Quality of its products was continuously declining. Shell earned a big name in quality.

Purpose of change
• • • As Pakistan State Oil was loosing its market share which was deteriorating its profitability so the change was inevitable in order to increase the profitability. To increase the efficiency of the employees. Old as well as new employees feel dedicated towards the work.

Summary of change strategy
The change in Pakistan State Oil was brought by Tariq Kirmani, who does not need any kind of introduction. But we

-3can not say that Kirmani was the pioneer of the change, because before him Shaukat Mirza the Managing director (2000) had designed and suggested all the change policies but after his death in 2001, Kirmani just implemented those policies, so one can say that Mr. Shaukat Mirza took the first step in the turn around strategy. According to Pakistan State Oil's Senior Officers the process of change took place by taking the services of highly qualified and experienced professionals by designing new business models. After a long time Pakistan State Oil implemented the change process including the four main changes as: 1. 2. 3. 4. Leadership Social responsibility Check and balance on employee's attendance Quality of products

In this regard, integral to their strategy was the "New Vision Program" that symbolizes their new outlook towards the future while the "New spirit" guides them to become even more competitive

-4-

Description of Intervention Strategy:
Pakistan State Oil was loosing its market share and internally it had very ineffective environment for all level of employees because of that the productivity level of employees was very low. Also it had no sound business model to undertake short or long term business planning supported by a proper capital budgeting system. The old capital budgeting system was antiquated and did not provide any meaningful information for quality decisions. The overall performance of the company had been sliding downwards. The company had also much litigation and had several problems with dealers and transport. These two groups operated as mafia and were able to manipulate the management most of the time. The Human Resource Department, though experienced lacked modern professional knowledge and tools. For the purpose of changing the environment of Pakistan State Oil it was recognized by the upper management (Revitalization of Pakistan State Oil, 2004) that without developing a sound framework of strategic business planning and capital budgeting etc no meaningful change would be possible. Kirmani inducted a highly qualified and experienced professionals to lead this function. This helped Pakistan State Oil in designing a new business model which would be underpinned by best management practices. The business model adapted to revitalize Pakistan State Oil consisted of strategic analysis, strategy development and strategy implementation. This triangular business model led to the development of a corporate strategy and various other plans, which included strategic plan, annual corporate business plan, the new styles of management and improving the products quality.

Step by Step--Description of Change:
After a number of iteration and dialogue sessions, the company crafted a new vision, mission statement and set of values. The new shared vision was to be a perspective on both old endings and new beginnings at Pakistan State Oil. 1. Leadership After the changes in the strategy, Kirmani introduced new style of leadership which helped him in achieving his objectives. He was demanding and had a low tolerance for failure to meet commitment. He was also accessible, decisive, fair, judicious, energetic and willing to make tough but humane calls. In his interviews with his staff he used to comment on his way of leadership as: "I have to be credible in eyes of my people. If I did not walk the talk these people will do a lot of finger pointing." At another place: "Following are the attributes of successful leadership: consistency without exception, giving and getting respect, model best behavior, and doing and letting others follow. In my view modeling best behavior is that, I myself swiped my entry card for others to follow. Similarly, now there are no exclusive elevators for senior teams. We have adopted many egalitarian practices in our company. There is no exclusive cafeteria for the upper management any more," said Kirmani proudly. (Revitalization of Pakistan State Oil, 2004). Under this leadership practice of Pakistan State Oil, managers could have open communication with the staff. This new style proved very effective in this transition phase. The transition of Pakistan State Oil had been a top down approach which was later cascaded to have other employees on board from other levels.

-52. Social responsibility Before the change the company was not much involved in the social activities but due to management team after the turn around Pakistan State Oil has succeeded in creating a culture, built on their strengths and best practices, not only in terms of operating excellence and exemplary standards but also in their proactive approach to quality of life. At the heart of this position is their commitment to zero pollution, zero accidents and zero occupational illness. In this context: • • • It introduced its product by the name of Green XL which does not contain any toxic material. It also created visual parks at different places like one is in Islamabad. It also took certain steps to protect the animals as well. In this context it has also celebrated Wetland Program for saving turtles specie. ( Pakistan State Oil, 2008). Pakistan State Oil created a lot of awareness about environment by fixing banners along the road side like: "Your environment is you." or "Keep your environment clean." In this way by efforts of management Pakistan State Oil proved the slogan of environment friendly products after the change strategy was implemented. 3. Check and balance on employee's attendance Before the change the condition of Pakistan State Oil was such that the employees never stay full time at their work place. Every employee was free to leave their work and could easily get out form their offices without any strict control. This change brought in to context a new rule of keeping an eye on employees. For that purpose Pakistan State Oil introduced a specific hand scan system which used to scan the hand of employee while entering and after leaving the workplaces. This system also displays the time being worked by employee, so it is a very effective system applicable till now which leading to change the attitude of the workers. According to Industrial Consumer Officer: "Mr. Kirmani was a very straight forward kind of person; he used to attend each and every workshop related to any subject matter. He just wanted everyone to work hard and if he saw anyone not working, he could straight away throw him out of his organization." (Personal Communication, May, 05, 2008). 4. Quality of products According company's profile (Pakistan State Oil, 2008) the image of Pakistan State Oil was not so good in customers mind, its quality was low as compared to its competitors but efforts of the Mr. Kirmani led to creation of quality control vans and testing units which kept on ensuring the quality control. Pakistan State Oil introduced total quality management system in its operational activities. Now Pakistan State Oil has been meeting the country's fuel needs by merging sound business sense with national obligation. In order to satisfy the customers' needs while ensuring the highest quality of products and services, consistent conformance to prescribed standards and specifications across the whole range of activities from receipt, storage, transportation and delivery of products is the cornerstone of Pakistan State Oil's quality management system. In addition to quality assurance in upkeep and maintenance of existing facilities, compliance with quality standards is ensured in construction of new facilities like recently developed state-of-the-art facilities for Aviation

-6customers at Lahore Airport.

Resistance to change:
During the change phase, the management had to face many risks and difficulties in its way. Middle managers were totally opposite to it according to them, the old approach of the company was based on historical budget lines and box thinking. The attitude of the senior corporate citizens was that "since we have always done our work like this, we still continue this way. According to old employees this attitude, betrayed a lack of sensitivity to market and industry dynamics. Against this backdrop of organizational depression, any talk of change created negative vibrations amongst the old guards. Many of these people would react to any discussion about change saying that "it is the same old stuff" and nothing was going to happen in the existing situation." According to Bashar (2001) Kirmani, was aware of that employees were not willing to discuss their opposition to any new initiative, they would rather resort to anonymous letters against change proponents than speak up openly against them. False letters were sent to the National Accountability Bureau and Federal Investigating Agency against the chief executive when he embarked upon the turn around strategy. In our interview with employees of Pakistan State Oil: "The change brought many employees on the board against Kirmani, even now there is one of the employees who does not use computer and feel uncomfortable with changing environment around him." In this situation Kirmani handled all these propagandas perfectly; he did not give up but work more hard to convince the employees. In the end only 10 % people were left who were not convinced about the company's' change strategy, but Kirmani thought that they were convincible.

Summary of Results Achieved
Pakistan State Oil systems and procedures had been extensively reviewed and evaluated by leading professional. Today Pakistan State Oil is recognized as a model of corporate turnaround in the world. The company had won global recognition of corporate excellence. • Pakistan State Oil sold 12.6 million tons of petroleum products in the July 2000-June 2001 period, which was essentially the same volume achieved in the preceding year. The continuing decline in it's market share of key products had been arrested. During the review period, the company increased its market share of motor gasoline to 40 per cent from 39 per cent. (Business Intelligence: Pakistan State Oil Competitive Analysis, n.d.). • The company initiated a series of measures to strengthen the brand image, during the financial year 2001, the company maintained its strong focus on New Vision retail Development program, commissioning record one hundred eighty five outlets bringing the total to two hundred ninety five. • The company laid special emphasis on quality and quantity of products. In this regard, seven more mobile Quality Testing Units had been added in major cities bringing the total to twelve. Pakistan State Oil also planned to provide Internet at five hundred retail outlets, especially in inaccessible areas. The facility was

-7provided at one hundred fifty outlets. • The company had installed "Price Display unit" at its monoliths and pylon signs to inform customers about the retail prices and introduced new products like Castrol GTX-XL and various other grades of industrial lubricants. • • The Pakistan Credit Rating Agency (Pacra) assigned Pakistan State Oil a long-term and short-term entity ratings of 'AAA' and A1+ which is the highest credit ratings in Pacra's rating scale. "During the period under review, Pakistan State Oil also won the Pakistan Society of Human Resource Management (PSHRM). Most Preferred Local Company Award thus moving towards becoming the 'Employer of Choice.' The company also won "Best Corporate Report Award 2006" in fuel and energy sector." (Pakistan State Oil Financial and Profit Review, n.d.). JulyMarch 2003/04 Earning Trend Profit before tax(billion) % Growth (Billion)% Profit after tax Growth 4.4 (6) 3 (7) July- June 2002/03 6.2 21 4 26 2001/02 5.1 49 3.2 42 2000/01 3.5 (4) 2.3 1 2.2 2.6 1.8 1999/00 3.5 1998/99 3.3 1997/98 2.8

(billion%) Key financial indicators Return on 7.9

12.5

9.7

7.5 1.2

7.2

10.4

6.3

assets Taxes (Billion) 1.4 2.2 1.9 (Pakistan State Oil Financial and Profit Review, n.d.).

Resemblance of Pakistan State Oil's change with Bridges Transition model
According to Timony (2001) the Bridges' Transition Model is widely accepted by individuals and organizations as a succinct and easy way to think about change and its impact. The model illustrates that transition begins with letting

-8go - a necessary (and the most difficult) step to moving on to a new beginning. The model actually is a three-stage design, and behaviors that are characteristic of all major transitions are identified. The first stage of the model is the "Ending" or letting go of the past, which acknowledges that change begins with starting something new, but transition starts with an ending. This process can be very difficult because of the ambiguity it renders. Generally, people have difficulty letting go of the past because it is comfortable; the future is unknown. The second phase, which is referred to as the "Neutral Zone" is one of transition, and is marked by low stability, personal stress, and conflict. The third stage is the "New Beginning," marking a time when real change begins, and there is a focus on the future. Creativity flourishes in this phase, as individuals feel a sense of relief and promise. The above explained "Bridges Transition Model" has great resemblance with Pakistan State Oil turn around strategy. It reflects the three phased change management process. In the first phase the employees let go off traditional ways of working on typewriters, in congested environment under the threat of a strict and critical manager who never liked to take feedback from them. During the second phase workers faced some difficulties in adopting entirely new office set up and new working conditions. It must have developed some stress leading to personal conflicts also. Gradually they became used to new working environment. They started working better and produced useful ideas which eventually lead to high profitability.

Critical Evaluation of Intervention Process:
Bottom up approach According to Stone (1998) Organizations can introduce change using top-down or bottom up approaches. Top-down involves management deciding on the change and then implementing it. The emphasis is on speed and action. This approach, while seemingly faster, often faces problems in implementation because of resistance from managers and employees resentful of change being forced on them by their superiors. In-contrast the bottom-up approach involves considerable discussion and consultation with managers and employees. Thus bottom-up change emphasizes participation, communication and minimizing of uncertainty and confusions. The bottom-up approach however, provides considerable opportunity for management to identify and deal with areas of resistance and other problems before they become serious. It is important to note that both approaches could be successful but the critical point is that the change strategy must be integrated with the organization's strategic business objectives. In case Pakistan State Oil, the top down approach was used which created many difficulties for employees and management as well. Concept of equality Mangers at Pakistan State Oil told that as a result of intervention, the managerial and non-managerial staff is seated in the same office hall, they are given equality and they started to eat in the same café, sitting in the same office and residing at the same place. Although it is good to adopt equality principles but the non-managerial staff creates hustle-bustle and lots of disturbance in the office which creates problem for the managerial staff. Managers have to take decisions and they require peaceful environment in the office for that but in the presence of these workers, managers cannot work properly which is a loss to the company. (Personal communication, May 05, 2008). Dissatisfied customers and employees

-9Customers at Pakistan State Oil are still dissatisfied with the services provided at Pakistan State Oil. (Personal communication, May 03, 2008). The revitalization in Pakistan State Oil was done with a purpose of making Pakistan State Oil a customer focused organization but this purpose still seems to be unachieved. Customers complaint that the attendants at pumps of Pakistan State Oil are not well-trained and they do not know how to deal with the customers. They are in haste and try to send customer away as soon as possible. On the other hand managers at Pakistan State Oil claim that the attendants are well trained and we properly educate them how to deal with customers. They first check the meter and then put the fuel (Personal communication, May 05, 2008). The situation is opposite if we see it with perspective of customers as well as managers, showing the inefficiency of change policy. The employees are also not fully satisfied with the intervention process. The salaries at Pakistan State Oil are not up to that level which competitors like Shell and Caltex are paying because to cut down the expenditures, Mr. Kirmani ordered to cut down salaries as well as allowances of employees at Pakistan State Oil. High Turnover Turnover rate at Pakistan State Oil is high due to lack of facilities provided to the permanent employees. A senior manager at Pakistan State Oil (Personal communication, May 05, 2008) told that at first employees were given excellent medical facilities and other allowances and the parents of employees were also entitled for the medical facilities but now theses facilities have been reduced to cut down the cost of company similarly we are paid less at Pakistan State Oil as compared to other competitive organizations that’s why often the young managers find better opportunities and leave the organization which lead to high cost. Older employees still resistant to change "Change management requires thoughtful planning and sensitive implementation, and above all, consultation with, and involvement of, the people affected by the changes. Change must be realistic, achievable and measurable. Before starting organizational change, self assessment is important: Change needs to be understood and managed in a way that people can cope effectively with it. Change can be unsettling, so the manager logically needs to be a settling influence." (Stone, 1998, p. 573) During interview with a senior officer at Pakistan State Oil we came to know that young employees are energetic and motivated towards the organization but the older ones are still resistant to change (Personal communication, May 05, 2008). They argue that we like to work on paper rather than using computer and modern skills. According to Stone (1998) the managers should use face-to-face communications to handle sensitive aspects of organizational change. It is important to understand about people's personalities, and how different people react differently to change. A psychiatric could be hired to take personality tests of all the employees and calm down those who strictly negated the change. For organizational change that entails new actions, objectives and processes for a group or team of people, workshops could be used to achieve understanding, involvement, plans, measurable aims, actions and commitment because it is the best way of group communication as it is easy in a large organization like Pakistan State Oil to communicate in groups rather than personally comforting the workers one by one. Change Must Involve the People - Change Must Not be Imposed Upon the People (Anderson, 1997). Only those organizations conduct successful change processes which fully involve all the

- 10 employees in change process through proper communication at proper time. Now in case of Pakistan State Oil the only problem was that the change was imposed upon people, as Pakistan State Oil had many old middle managers who resisted it. But it was their right to resist because they were not being involved in the change process, instead of telling before hand the change strategy by Mr. Kirmani was totally opposite to it. Ways of Communicating Change The change strategy of Pakistan State Oil was not properly communicated to all level of managers and employees. It was just a top down approach which was totally a wrong thing. For this purpose workshops are very useful processes to develop collective understanding. Staff surveys are also a helpful way to repair damage and distrust among staff – provided it is allowed to be filled anonymously with the assurance that proper secrecy will be maintained and provided you publish and act on the findings. According to Dunn & Stephen (1972) management training, empathy and facilitative capability are priority areas managers are critical to the change process - they must enable and facilitate, not merely convey and implement policy from above, which does not work. You cannot impose change - people and teams need to be empowered to find their own solutions and responses, with facilitation and support from managers, and tolerance and compassion from the leaders and executives. Help employees to make the change It is futile to make the change if the employees are not with you. Employees should also be given enough time to change. Though in case of Pakistan State Oil the change was quick but the employees were not given the time to float their ideas and to cope up with change which led to resistance from employees. Pakistan State Oil should inform at least the employees before hand about the turn around strategy.

Effectiveness of strategy
• After the change strategy Pakistan State Oil's overall market share rose to 80%. Now it has highest share in black and white oil which proved very fruitful. This market share shows the earning of Pakistan State Oil has climbed high as compared to old earnings. • The change strategy played an effective role in developing New Vision retail outlets equipped with the most modern facilities, including auto car wash, electronic dispensing units, convenience stores, business centers, internet facilities and Easy Payment Centers for payment of utility and Citibank credit card bills. The concept of Quick Oil Lube Vans introduced by Pakistan State Oil, provides the lube change facilities at customers' doorsteps. • • As a result of Kirmani’s change strategy, Pakistan State Oil launched many innovative ideas regarding the environmental friendly products. "The image of Pakistan State Oil in customers improved to greater extent. Exactly after the change it opened many more outlets for its customers, it also engaged itself in providing shop stop facilities to its consumers, and now as a result of the change strategy it is having a contract with pizza hut for giving its customers every opportunity to enjoy a quality life. It also launched Loyalty Card, Corporate Card, Fleet Card and Prepaid Card, for its customers. These cards provide added convenience, flexibility and security

- 11 to the customers while enabling them to earn redeemable loyalty points and avail attractive discounts for purchase of non-petroleum products at a large number of merchant outlets in various cities on use of Loyalty and Corporate Cards." (Bashar, 2001) • • The new policy of change led to creation of many young and energetic employees who could work more actively by using new technology and machinery. Due to proper technique of check and balance on attendance system of employees, Pakistan State Oil got very positive results. The productivity level per employee went up. The hand scan system changed the employee's attitude towards the work, they became regular and worked hard to achieve the productivity standards. • It was because of change that Pakistan State Oil created quality testing units which ensured the quality of the products. About 21 Mobile Quality Testing Units ensure top of the line quality of products and services. (Hoovers, n.d.).

Recommendations:
1. Alternative for Fuel We can see the inflationary trend in the market and the prices of oil are very high in the international market nowadays. People prefer to use alternatives of petrol and other fuels such as diesel which could be of low price. In Brazil, ethanol is used in place of fuel in vehicles and cars. Pakistan State Oil being the largest company of oil in Pakistan should also develop such alternative for people so that people could get high quality products at reasonably low prices. As there is a need, people would greatly respond to this new product which can further help it in rising its sales, market share and profitability. 2. HRM Department at Every Office Human resources are a great asset for any company and companies undertake effective measures to look after their greatest asset. Human Resource Department is important in each and every office or division of the company in every city but things are different at Pakistan State Oil, the employees are not satisfied with this thing because they complaint that for every problem related to Human Resource we have to write to the manager at head office in Karachi. The local administrator evaluates the employees in the office and report to HR manager at Karachi. This is not an effective strategy. Human Resource Department should exist in each and every office of the company. It will reduce the problems of employees and they would be better able to get the solution of their problems. Motivation for Employees Employees at Pakistan State Oil are dissatisfied due to comparatively low salaries. During interview with the senior officer at Pakistan State Oil we came to know that (Personal communication, May 05, 2008) engineers at Shell and Caltex are getting starting salary of Rs. 40,000/- but at Pakistan State Oil they get almost Rs. 20,000/- which is a big difference that is why turnover rate is high here. Similarly taxes are deducted at gross salary due to which take home income is low here. Pakistan State Oil is in the development phase of its some of the products, so it needs to keep its official expenses low which are demotivating employees. Constructive Environment for Managers

- 12 The environment which is provided to managers at Pakistan State Oil is not favorable due to presence of managerial and clerical staff at the same place. Managers have to take decisions and undertake projects which require great concentration at work but the non-managerial staff creates hustle-bustle and disturbs the environment. There must be separate rooms for managers and non-managerial staff workers so that managers could completely concentrate on their work.

Lewin's Change Process—Suggested Model
The best model of the change is that of Lewins which says that change process contains three steps: Unfreezing: Reducing the forces that are striving to make status quo Moving: Developing new behaviors values and attitudes Refreezing: Introducing of new systems and procedures. If we see at Pakistan State Oil one can conclude that change was sudden unfreezing step was not so properly done. Yes, moving was quickly processed and finally refreezing was done. But more emphasis of change was on refreezing than other two steps, so the Lewin's change process model is the suggested model for Pakistan State Oil.

- 13 -

Conclusion:
Pakistan State Oil has earned a big oil marketing company but due to certain reasons, the manager of the company brought some changes in it. As we have seen that these changes proved very fruitful in the way to development and increasing the market share and profitability of the company so one can say that the turn around strategy of Pakistan State Oil was very effective. This strategy was implemented effectively and positive results were achieved. Every strategy has its pros and cons but ignoring the weaknesses the overall strategy was a success for Pakistan State Oil.

- 14 -

References
Anderson, H. Alan. (1997). Effective Personnel Management. Mumbai, Calcutta, Bangalore, Hyderabad, Chennai, Delhi: Jaico Publishing House.

Bashar, Amanaullah. (2001). Pakistan State Oil. Retrieved April 25, 2008, from http//www.psochange.htm

Burack, H. Elmer., & Smith, D. Robert. (1977). Personnel Management. United States: West Publishing Company.

Change Management Rules (n.d.). Retrieved May 03, 2008, from http://www.businessballs.com

Corporate Turnaround of Pakistan State Oil. (2004). Retrieved April, 28, 2008, from http://www.wec-geis/congress/paperfull.asp?paper=285

Dessler, Gary. (2005). Human Resources Management (10th ed.). New Delhi: Prentice Hall of India.

Dunn, D. J., & Stephen, C. Elvis. (1972). Management of Personnel: Manpower Management and Organizational Behavior. United State: Mc-Graw Hill.

Finanacial Gadget (n.d.). Pakistan State Oil Financial and Profit Review. Retrieved April 25, 2008, from http://www.fingad.com/review/pakistan_state_oil_financial_and_profit_review

Gordon, R. Judith. (1986). Human Resources Management. United States America: Allyn & Baycon Incorporation.

Hoovers (n.d.). Business Intelligence: Pakistan State Oil Company Analysis. Retrieved April 26, 2008, from http://www.hoovers.com/pakistan-state-oil

- 15 -

Pakistan State Oil. (company profile). Retrieved April 23, 2008, from http://www.wikipedia.com

Pakistan State Oil [Image] (n.d.). Retrieved April, 28, 2008, from http://images.google.com.pk/images?hl=en&q=Pakistan%20State%20Oil&um=1&ie=UTF-8&sa=N&tab=w

Pakistan State Oil (2008). Retrieved May, 2, 2008, from http://www.psopk.com/

Revitalization of Pakistan State Oil (2004)

Stone, J. R. (1998) Human Resource Management (4th ed.). Australia: John Wiley & Son's.