Pakistan State Oil (PSO), the nation’s energy flagship, announced its financial results for the first half of fiscal year (1HFY26) ended December 31, 2025, demonstrating strong resilience and a continued growth trajectory. The Board of Management reviewed the group’s performance for the period at its meeting held on February 17, 2026.

During the period under review, PSO recorded a profit after tax of PKR 12.1 billion for 1HFY26, (PKR 11.2 billion 1HFY25). This translates into earnings per share of PKR 25.82, with gross sales reaching PKR 1.6 trillion.

On a consolidated basis, the group posted a profit after tax of PKR 14.7 billion with earnings per share of PKR 31.34.

PSO, maintaining its leadership in the white oil segment with a 42.2% market share and total sales of 3,418 KMT while black oil sales declined due to reduced power sector offtake. Notably, the company reinforced its near-total dominance in the aviation sector, maintaining a 99% market share in the jet fuel segment. Also, delivered its highest-ever LPG performance, with record sales of 28.5 KMT, representing a 3.6% increase over the same period last year.

Significant progress was made in strengthening the nation’s energy infrastructure. The company successfully rehabilitated 39 KMT of storage capacity across key locations including Mehmoodkot, Keamari, Zulfiqarabad, and Habibabad.

Furthermore, the White Oil Pipeline Project reached a major milestone with the federal cabinet’s ratification of the project summary and provisional tariff, moving it toward full implementation. PSO also expanded its physical footprint to 3,638 retail outlets and enhanced its convenience ecosystem through the growth of VIBE stores and the launch of the in-house VIBE Café.

Embracing the future of energy, PSO is leading the way in sustainability through PSO Renewable Energy (PSORE). The company has solarized several operational terminals and is on track to add an additional 2.2 MWp of solar capacity by mid-2026. Simultaneously, PSO has established Pakistan’s largest electric vehicle (EV) infrastructure with nine charging stations across major highways and cities. Digital innovation remained a priority, highlighted by the successful launch of the Payvay mobile application and the integration of Raast digital payments through its fintech subsidiary, Cerisma (Pvt.) Limited.

Beyond operations, PSO remains committed to social impact, investing PKR 196 million in healthcare, education, and community development, including the PSO Model Village for flood-affected families. While circular debt remains a persistent challenge with receivables at PKR 412 billion, the company continues to engage proactively with the Government for a sustainable solution.

PSO remains committed to driving Pakistan’s energy future through innovation and sustainable growth, ensuring long-term value for both shareholders and the nation.

The second Asia Energy Transition Summit, jointly organised by the LUMS Energy Institute (LEI), the Alliance for Climate Justice and Clean Energy (ACJCE) and the Pakistan Renewable Energy Coalition (PREC), concluded at LUMS on December 7. The two-day event brought together federal ministers, parliamentarians, civil servants, climate and energy experts and practitioners, academics and activists from across South Asia and Southeast Asia. The summit reaffirmed Asia’s growing political, financial and technological role in shaping regional and global trends towards a clean and just energy transition. It also emphasised the need for stronger regional cooperation and collaboration within Asia to expedite and smoothen this transition.

The Summit featured plenary sessions, keynote addresses and thematic discussions focused on advancing a just, people-centred, and affordable energy transition across Asia. Its key themes included new and sustainable pathways for financing energy transition and climatic adaptation and mitigation, tariff and non-tariff barriers to renewable-energy trade, distributed and utility-scale renewable deployment, flexible and climate-resilient grids, governance reforms and the risks posed by inequitable or technologically misdirected ‘false solutions’.

Delivering his keynote address during the summit, Prof. Ahsan Iqbal, Federal Minister for Planning, Development and Special Initiatives, highlighted the central role of energy transition in Pakistan’s future development. “Clean, reliable and affordable energy is essential for our economic revival,” he said. “By bringing together regional experts, Asia Energy Transition Summit has also helped Pakistan determine its role and contribution in shaping an Asia-wide fair, future-oriented energy agenda.”

Speaking at the closing plenary, Dr. Musadik Malik, Federal Minister for Climate Change and Environmental Coordination, highlighted the financing challenges that developing economies face, particularly in the energy and climate sectors. “The energy transition must ease the already heavy financial burdens on the developing states, not create new ones,” he noted. He also emphasised that as storage costs fall, batteries can address renewable variability and make energy transition smooth.

Nafeesa Shah, Co-Convener, Parliamentary Forum on Energy & Economy, said, “Parliamentarians and policymakers are the missing link in the energy transition and climate diplomacy discourse. It is essential that we promote global and Asia level collaborations for an effective and just energy transition.”

Addressing a townhall session on Pakistan’s power sector, Sardar Awais Ahmed Leghari, Federal Minister for Energy (Power Division), emphasised the urgent need to modernise the national grid to ensure a smooth and speedy energy transition. “Pakistan must build a flexible and a renewables-driven power system,” he said. “The insights shared during the Asia Energy Transition Summit will certainly guide power sector reforms within Pakistan and help it expand its solar and wind resources for power generation while also ensuring their equitable and affordable access to the citizens.”

Reflecting on the summit’s outcomes, Dr. Fiaz Ahmed Chaudhry, Chairman National Grid Company of Pakistan and Senior Advisor at LEI, highlighted Asia’s shared responsibility for energy transition and climate finance. “The summit brought together individuals and institutions who recognise sustainability, affordability and technical credibility as foundations for Asia’s energy future,” he stated. “I hope the discussions among them will generate partnerships that help countries in the region pursue technologically practical, environmentally appropriate, financially viable and socially just transition pathways.”

Concluding the Summit, Dr. Tariq Jadoon, Provost of LUMS, reaffirmed the University’s commitment to advancing research-driven, evidence-based energy policy, while Dr. Fiaz Chaudhry noted that the discussions will inform practical and financially viable pathways for countries aligning development agendas with climate and energy imperatives.

The Asia Energy Transition Summit 2025 concluded with renewed commitments from government, private sector stakeholders and international partners to work collaboratively toward a resilient, sustainable and equitable energy future, highlighting Asia’s critical role in driving the global energy transition.

Lahore, May 20, 2025 — The LUMS Energy Institute, in collaboration with the National Grid Company (NGC), formerly NTDC, will host the National Consultative Workshop on the Power Sector Indigenization Road Map on Saturday, May 24, 2025, at LUMS, Lahore. Federal Minister for Energy (Power Division), Sardar Awais Ahmad Khan Leghari, will grace the occasion as Chief Guest, while Chairman Pakistan Engineering Council, Engr. Waseem Nazir will address the gathering and highlight the role of regulatory bodies in accelerating industrial localization.

Prof. Dr. Fiaz Ahmad Chaudhry, Chairman of the Board of Directors at NGC and Senior Advisor at the LUMS Energy Institute, stated, “This workshop aims to bring together leaders from the power sector, local manufacturers, regulatory authorities, and academia to chart a unified and actionable roadmap to strengthen Pakistan’s electrical equipment manufacturing ecosystem.”

As part of this initiative, the event will feature the official launch of Pakistan’s first Power Equipment Manufacturing Dashboard—a real-time digital platform designed to track localization progress, map vendor capacity, and identify strategic investment opportunities. This tool is developed by the LUMS Energy Institute and will become a cornerstone of the Power Sector Indigenization Plan (PSIP).

The workshop features distinguished speakers and participants, including the Chairman WAPDA, Managing Director PPMC, CEO K-Electric, Chairman BoDs of DISCOs, Chairman CPPA-G, and other senior representatives from government, industry, and regulatory institutions. The forum will host expert-led discussions on the challenges and potential of localizing key electrical equipment across the generation, transmission, and distribution segments. Special sessions will evaluate the capability of local manufacturers to meet national demand, with stakeholder recommendations to be presented directly to decision-makers for actionable outcomes.

This timely initiative aligns with Pakistan’s ongoing energy reforms under the National Electricity Policy 2023–2027, which emphasizes reducing import dependency and promoting indigenous capabilities. With the collaboration of public institutions, industry, and academia, the consultative workshop is expected to contribute significantly to building a self-reliant and sustainable energy infrastructure.

About LUMS
Established in 1985 as a private, not-for-profit university, LUMS is one of South Asia’s top academic institutions known for its commitment to outstanding learning, research intensity, and teaching excellence. It is renowned for its exceptional academics and quality, emphasising access, relevance, and collaboration, with an increasing focus on tackling the major challenges confronting the Global South.
About the LUMS Energy Institute (LEI)

The LUMS Energy Institute is a nationally recognized think tank dedicated to accelerating Pakistan’s transition toward sustainable and secure energy systems. Through data-driven analysis, interdisciplinary research, and strategic policy design, LEI engages with government entities, industry leaders, and global institutions to shape evidence-based solutions for the country’s energy future.