KARACHI, AUGUST 29, 2010: The 59th Annual General Meeting (AGM) of Pakistan Petroleum Limited (PPL) was held on September 29, 2010.

The AGM approved the financial statements together with the auditor’s report for the financial year ending June 30, 2010 and payment of final cash dividend of 50 percent on ordinary share capital and issue of bonus shares in proportion of 2 ordinary shares for every 10 ordinary shares.

The new board comprising Hidayatullah Pirzada, Khalid Rahman, Sajid Zahid, Irshad A. Kaleemi, Mohammad Naeem Malik, Zain-ul-Abidin Magsi, Saifullah K. Paracha, Saquib H. Shirazi, Saeed Akhtar and Javed Akbar were elected for a three-year term.

On behalf of the PPL Board, MD and CEO Khalid Rahman apprised members about the company’s performance, focusing on the significant events of the year 2009 – 2010. He stated that strategically the company remained on course, the main features of which were optimizing production and reserves replacement, enhancing exploration activities and embedding good governance and responsible corporate citizenship across the board in all operational areas.