Staff Report
ISLAMABAD:
Appointment of Irteza Qureshi as new Deputy Managing Director (DMD) of Pak Arab Refinery Limited (PARCO) has been granted by PARCO board and he would assume the charge of his office during first week of September 2021.
According to sources, PARCO board has approved the appointment of Irteza Qureshi as next DMD of the company. He has currently been engaged with Oil and Gas Development Company Limited (OGDCL) as Chief Financial Officer (CFO). However, Irteza Qureshi is likely to take charge of DMD PARCO during the first week of September 2021.
As per details, Irteza Qureshi is a UK qualified Chartered Accountant with diverse experience in private and public sectors and multinational organizations within and outside Pakistan. He had joined OGDCL in 2015 and ever since his efforts have directly impacted on value creation and ensuring long term sustainability of the company.
Throughout his tenure as CFO OGDCL, he has discharged his duties in a professional manner and taken the core issues head on. He has played an instrumental role in improving the governance and financial controls of the company. So far, his efforts have resulted in major HR reforms, operational efficiencies & savings and focus on diversification.
The Company (OGDCL) had taken decisive steps in 2016 to stop pensionable employment and introduced salary capping across the employee groups. These measures are expected to bring savings to the tune of Rs 150 billion over 10 years.
During his tenure, the procurement costs have come down considerably. Company has benefitted from reduction in rates of services by up to 50%. The savings accrued run into billions.
Has championed the case for diversification and converting OGDCL into an energy company.
Last but not the least, Irteza Qureshi carries with him solid hands on strategic and operational experience of OGDCL, the largest company in Pakistan with large scale operations across the four provinces. Now it is expected that Irteza Qureshi will prove to be an asset to PARCO and will be a leading partner for future growth and success of this Company.
PARCO is a Joint Venture (JV) between Government of Pakistan (GoP) and the Emirate of Abu Dhabi, incorporated as a public limited company in 1974. Government of Pakistan holds 60% of the share holding while 40% of the shares are held by Emirate of Abu Dhabi through its Mubadala Investment Company.
