Magazine article Economic Review

Zaver Petroleum Corporation: Pioneer in Private Sector Oil and Gas Exploration in Pakistan

Magazine article Economic Review

Zaver Petroleum Corporation: Pioneer in Private Sector Oil and Gas Exploration in Pakistan

Article excerpt

Zaver Petroleum Corporation Limited was incorporated in August 1991 as a public limited company with the primary objective of participating in the Exploration and Development of oil and gas resources in Pakistan.

This is particularly a high-risk business and the company is the first and the only Pakistani, private enterprise which is embarking upon oil and gas exploration activities and thus is a pioneer in the Pakistani Petroleum Industry.

As a secondary objective, the company has initiated projects in the petrochemical and energy sectors, which it feels are critical for the economic and social development of the country. The company also has an objective of establishing itself in the minimum possible time in downstream activities, such as refining and marketing of petroleum products.

Zaver Petroleum is a part of the prestigious Hashoo Group of Companies, which under the dynamic leadership of Sadruddin Hashwani has emerged as one of the leading business houses with a well diversified portfolio of businesses.

The Group owns and operates the Pearl-Continental and Marriott Hotels in Pakistan and has achieved excellent international standards. The Group also owns a number of other industrial ventures. Hashwani himself is an important shareholder in New Jubilee Insurance Company which is the fourth largest insurance company of Pakistan and is very actively involved in important philanthropic activities. To name a few of his contributions for the welfare of people, he has donated generously to the Aga Khan University Hospital and the Asif Nawaz Memorial Hospital.

Since inception, Zaver Petroleum has participated in a number of exploration ventures in partnership with OGDC and has in 1995 one of the major operating companies in Pakistan, Occidental of Pakistan Inc. …

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