Post by Bloom Pakistan

The federal government has reconstituted the board of directors of the Pak-Arab Refinery Company (PARCO), retaining a federal minister and nearly all serving bureaucrats for another three-year term despite ongoing debate over the role of civil servants on state-linked corporate boards. At PARCO, in which Pakistan holds a 60% stake and the United Arab Emirates owns the remaining 40%, the government has retained four of its five Pakistani-appointed directors on the board. The only change is the replacement of Jahanzeb Khan with Rabab Sikandar Sultan, the wife of Chief Election Commissioner Sikandar Sultan Raja. The decision, approved by the federal cabinet after the previous board’s term expired in May, replaces only one Pakistani director. Grade-22 Pakistan Customs Service officer Rabab Sikandar Sultan has been appointed in place of Jahanzeb Khan. Among Pakistan’s six nominees on the 10-member board are Federal Minister for Economic Affairs Ahad Khan Cheema, Petroleum Secretary Hamed Yaqoob Sheikh, who will continue as board chairman, Finance Secretary Imdadullah Bosal, and FBR Chairman Rashid Mahmood Langrial. Sheikh and Bosal serve as ex-officio directors, while Langrial has been reappointed in his personal capacity despite initially being recommended in his official role as Revenue Secretary. The remaining four board seats are held by representatives of the Abu Dhabi Petroleum Investment Company (IPIC/Mubadala), which owns a 40% stake in PARCO, while the Government of Pakistan holds the remaining 60%. 🔗Link in Bio for Updates #PARCO #Pakistan #FederalGovernment #BoardOfDirectors