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Sunday October 24, 2021

Khalid Subhani made acting MD OGDCL

October 15, 2021
Khalid Subhani made acting MD OGDCL

ISLAMABAD: Syed Khalid Siraj Subhani was appointed as acting Managing Director of Oil and Gas Development Company Limited (OGDCL) here on Thursday upon the relinquishment of charge by Shahid Salim.

 Interestingly, Syed Khalid Siraj Subhani is an independent director in the Board of Directors of OGDCL and he will assume the charge of Managing Director on October 20, 2021. Shahid Salim will relinquish the charge on October 20.

The Board of Directors of OGDCL held its 240th meeting and approved the resignation earlier tendered by Shahid Salim here on Thursday and appointed Syed Khalid Siraj Subhani as acting Managing Director.

The said development has been communicated to the London Stock Exchange where OGDCL is listed and Karachi Stock Exchange Limited. Ahmad Hayat Luk, Spokesman of OGDCL, confirmed the development, saying that Khalid Siraj Subhani, who is a director in the OGDCL board, has been appointed as managing director by the board.

Sources said that in the past, the directors representing the government have been appointed as acting chairman of OGDCL and other state-owned entities. Naeem Malik, additional secretary and also a member of BoD, remained acting MD of OGDCL in the past. Likewise, Arshad Mirza, the-then secretary petroleum, also became the acting MD of Pakistan Petroleum Limited (PPL) by virtue of being chairman of BoD. But this time, the BoD has appointed an independent director as managing director of state-owned entity OGDCL. Law of the land permits the appointment of the director as acting managing director, which has happened for the first time.

The appointment of director as MD has been made as a stop-gap arrangement and it has been directed that within three months’ time, formal appointment of managing director based on three years tenure be made.

Subhani is a Chemical Engineer with Executive Management Program from Haas School of Business, University of California, Berkeley, and Leadership Program from MIT, Boston. A seasoned executive, his career spanned over 33 years with Exxon Chemical Pakistan Limited, which subsequently became Engro Chemical Pakistan Limited and later Engro Corporation Limited. This included long-term assignments with Esso Chemical Canada in Edmonton and at ICI site in Billingham, UK. Over the years, he worked in numerous senior executive positions at Engro and played an instrumental role in growth and diversification of the company to make it one of the largest business conglomerates of Pakistan.

Prior to retirement from Engro, he worked as President and Chief Executive Officer of Engro Corporation Limited, Engro Fertilisers Limited and Engro Polymer and Chemicals Limited. Subhani also served as President and Chief Executive Officer of ThalNova Power Thar Private Limited for a period of two years. Earlier, Subhani also served on the board of Engro Corporation Limited (Director), Hub Power Company Limited (Director), Engro Foods Limited (Director), Sindh Engro Coal Mining Company Limited (Director), Laraib Energy Limited (Director), Engro Fertilisers Limited (Board Chairman), Engro Polymer and Chemicals Limited (Board Chairman), Engro Vopak Terminal Limited (Board Chairman), Thar Power Company Limited (Board Chairman), Engro Powergen Qadirpur Limited (Board Chairman), Engro Elengy Terminal (Private) Limited (Board Chairman) and Engro Eximp Agri Products (Private) Limited (Board Chairman). He also served as Chairman of Board Technical Committees & Board Human Resource Committees at Hub Power Company and Laraib Energy Limited.Shahid Salim, who was appointed on January 1, 2020 as Managing Director of Oil and Gas Development Company for three-year tenure, resigned here on Tuesday after just 21 months, apparently on health grounds.