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2014 Shell Pakistan Limited Annual Financial Report

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2014 Shell Pakistan Limited Annual Financial Report YOUR ENERGY PARTNER EVERY STEP OF THE WAY ver six decades, Pakistan has developed its capability across a spectrum of areas like Oindustry, transportation, communication and the energy sector. With a legacy of 116 years in the region, developing and distributing energy by land, air and sea, Shell has endeavoured to support the country’s developmental priorities. From providing petroleum products for the construction of mega projects like the Mangla Dam and Kotri Barrage to expanding the country’s growing road infrastructure, fuelling PIA’s first flights or setting industry standards in safety and quality, Shell has been there. In the nineties, Shell transformed the retail forecourt experience for consumers in Pakistan with the introduction of its global branding, service standards and customer conveniences. Maintaining its legacy of being an energy partner, today, with a portfolio of robust businesses and international product offering, Shell continues to meet the energy needs of the nation serving over a million customers across the country every day. 2 SHELL PAKISTAN LIMITED BURMAH SHELL OIL STORAGE & DISTRIBUTING CO. SHELL TRANSPORT OF INDIA FORMED & TRADING The Burma Shell COMPANY Oil Storage and MANGLA DAM To reach remotely Distributing Company CONSTRUCTION located Asian of India was FIRST AIR MAIL Burmah Shell wells, Royal Dutch formed to expand SERVICE supplied 286,100 Petroleum agreed the importing and Burmah Shell had DISCOVERY OF tons of petroleum to operate the Asian marketing operations the privilege of SUI GAS products to enable arm of merchant and pioneer rural fuelling the initial PPL, a subsidiary the construction of trading company marketing of its flight when the first of Burmah Oil Co. Mangla Dam as M Samuel & Co. products by reaching air mail service in Limited, discovers well as substantial The fleet was integral out to people in the Indo Pakistan gas in Sui – a supplies to nine other to Shell’s entrance remote villages sub-continent was resource that became smaller projects into Asia by shipping across Asia to supply inaugurated in the energy lifeline of of the Indus Basin kerosene from Russia kerosene. October 1932. Pakistan. Replacement Works. via the Suez Canal. 1897 1928 1932 1952 1963 189 9 1930 1947 1960 1970 ASIATIC SERVICE STATION PAKISTAN KARACHI AIRPORT BURMAH SHELL PETROLEUM IN THE GILGIT- INDEPENDENCE Burmah Shell quickly BECOMES Asiatic Petroleum, the BALTISTAN AREA At independence, became the premier PAKISTAN BURMAH far eastern marketing With motor cars the company’s name international oil SHELL arm of Shell Transport came canned petrol, was changed to the marketing and 51% Of Burmah Company and Royal followed by service Burmah Shell Oil distribution company Shell Oil Distribution Dutch Petroleum stations which were Distribution Company in Pakistan, and Company shares Company began built in the 1930s. of Pakistan. was the choice were transferred to importing kerosene Retail fuelling stations fuel provider for a Pakistani investors. oil from Azerbaijan sprung up in remote number of airlines With this, the name into the Indian locations like the visiting Pakistan. of the Company was Subcontinent. Gilgit-Baltistan area changed to Pakistan in present day North Burmah Shell (PBS) Western Pakistan. Limited. This was, perhaps, the only filling station in the world where petroleum supplies were flown regularly. ANNUAL REPORT 2014 3 SHELL BRINGS GLOBAL STANDARDS & INTERNATIONAL PORTFOLIO TO PAKISTAN Shell Pakistan SHELL PAKISTAN revolutionized the OPENS ITS 787TH SHELL HOUSE retail forecourt RETAIL STATION BUILT experience for SHELL INCREASES SHELL PAKISTAN As the largest PBS offices which customers in Pakistan STAKE IN SPL FLOOD RELIEF International Oil were housed in by introducing global Shell Petroleum SPL was awarded Marketing Company National Bank of RVI standard sites in Company invested a certificate of in Pakistan, Shell Pakistan Building on Pakistan. This was USD 22.3 million appreciation from continues to expand I.I. Chundrigar Road followed by launch in Shell Pakistan the UN on fueling its network in the moved to a newly of international by purchasing 5.7 1,000 safe relief country to ensure constructed building Lubricant brands like million shares and flights and other that customers have in Karachi now Rimula in 1994, Helix increasing its stake relief efforts during access to Shell known as the Shell in 1995 and Advance in the Company to the devastating 2010 products in a variety House. in 1998. 76.1%. floods. of locations. 1978 19 94 2002 2010 2014 1993 1999 2005 2013 PBS BECOMES CENTENARY SHELL INVESTS SHELL TAMEER SHELL PAKISTAN Shell celebrates 100 IN WHITE OIL COMPLETES A LIMITED years in Pakistan. PIPELINE PROJECT DECADE Pakistan Burmah The 817 km long Shell Pakistan’s Shell becomes Shell pipeline is used to flagship Social Pakistan Limited transport on average Investment program with Shell Petroleum 3.5 million tonnes completes 10 years, Company purchasing of High Speed engaging over 51% stake in the Diesel (HSD) from 800,000 youth Company. Port Qasim on the through business outskirts of Karachi plan and enterprise to Shikarpur and generation workshops Mehmood Kot each and enabling setting year. up and expansion of over 3,000 businesses that in turn employ over 25,000 people. 1956 Campaign A PART OF PROGRESS IN PAKISTAN Completed in 1955, Kotri Barrage is used to control water flow in the River Indus for irrigation and flood control. The channels deriving from it serve a cultivatable area of about 5 million acres. GOVERNANCE & COMPLIANCE 6 SHELL PAKISTAN LIMITED COMPANY INFORMATION Board of Directors Human Resource and Remuneration Committee Omar Sheikh* Chairman Rahat Hussain Chairman Farrokh K Captain Farrokh K Captain John King Chong Lo Omar Sheikh Soo Lim Goh* Rahat Hussain Company Secretary Imran R Ibrahim Tariq Saeed Nasser N S Jaffer Zaffar A Khan Registered Office Haroon Rashid Shell House Badaruddin F Vellani 6, Ch. Khaliquzzaman Road Faisal Waheed Karachi-75530 Pakistan Managing Director & Chief Executive Officer Auditors Omar Sheikh A F Ferguson & Co. Audit Committee Legal Advisors Badaruddin F Vellani Chairman Vellani & Vellani Soo Lim Goh* Advocates & Solicitors Imran R Ibrahim Registrar & Share Registration Office FAMCO Associates (Pvt) Ltd. 8-F, next to Hotel Faran, Nursery Block-6, P.E.C.H.S. Shahra-e-Faisal Karachi-75400 *Michael Noll resigned from the office of Director/Chairman w.e.f. March 12, 2015 and Omar Sheikh was elected as the Chairman in his place while Soo Lim Goh was appointed Director and a member of the Audit Committee. ANNUAL REPORT 2014 7 VISION To be the most competitive and innovative Downstream Oil Marketing Company in Pakistan. 8 SHELL PAKISTAN LIMITED STATEMENT OF GENERAL BUSINESS PRINCIPLES INTRODUCTION create an inclusive work environment where every employee Shell Pakistan Limited General Business Principles govern how has an equal opportunity to develop his or her skills and Shell Pakistan Limited conducts its affairs. talents. To encourage the involvement of employees in the planning and direction of their work and to provide them with The objectives of Shell Pakistan Limited are to engage efficiently, channels to report concerns. We recognize that commercial responsibly and profitably in oil, gas, chemical and other selected success depends on the full commitment of all employees. businesses and to participate in the search for and development of other sources of energy to meet evolving customer needs and d. To those with whom we do business the world’s growing demand for energy. To seek mutually beneficial relationships with contractors, suppliers and in joint ventures and to promote the application We believe that oil and gas will be integral to the global energy of these Shell Pakistan Limited General Business Principles needs for economic development for many decades to come. or equivalent principles in such relationships. The ability to Our role is to ensure that we extract and deliver them profitably promote these principles effectively will be an important factor and in environmentally and socially responsible ways. in the decision to enter into or remain in such relationships. We seek a high standard of performance, maintaining a strong e. To society long-term and growing position in the competitive environments To conduct business as responsible corporate members of in which we choose to operate. We aim to work closely with our society, to comply with applicable laws and regulations, to customers, partners and policy-makers to advance more efficient support fundamental human rights in line with the legitimate and sustainable use of energy and natural resources. role of business, and to give proper regard to health, safety, security and the environment. OUR VALUES Shell Pakistan Limited employees share a set of core values – PRINCIPLE 1 honesty, integrity and respect for people. We also firmly believe ECONOMIC in the fundamental importance of trust, openness, teamwork and Long-term profitability is essential to achieving our business goals professionalism, and pride in what we do. and to our continued growth. It is a measure both of efficiency and of the value that customers place on Shell Pakistan Limited SUSTAINABLE DEVELOPMENT products and services. It supplies the necessary corporate As part of the Business Principles, we commit to contribute to resources for the continuing investment that is required to develop sustainable development. This requires balancing short and long and produce future energy supplies to meet customer needs. term interests, integrating economic, environmental and social Without profits and a strong financial foundation, it would not be considerations into business decision-making. possible to fulfil our responsibilities. RESPONSIBILITIES PRINCIPLE 2 Shell Pakistan Limited recognises five areas of responsibility. It is COMPETITION the duty of management continuously to assess the priorities and Shell Pakistan Limited supports free enterprise. We seek to discharge these inseparable responsibilities on the basis of that compete fairly and ethically and within the framework of assessment. applicable competition laws; we will not prevent others from competing freely with us.
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