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Thursday, February 15, 2024

Mari Petroleum Wins 1st Prize for Management Practices in Oil & Gas Sector

Mari Petroleum is setting a tremendous example for fellow exploration and petroleum companies. For the fourth consecutive time, MPCL won the 1st prize for Management Practices in the Oil and Gas Sector at the 35th Corporate Excellence Awards Ceremony.

For the fourth consecutive year, Mari Petroleum Company Limited (MPCL) has won the 1st Prize for ‘Best Management Practices in Oil & Gas Sector’. The Award was presented at the 35th Corporate Excellence Awards Ceremony arranged by the Management Association of Pakistan (MAP) on 9th March at Marriott Hotel, Karachi.

Mr. Asad Umar, Federal Minister for Planning, Development & Special Initiatives attended the ceremony as the chief guest. A large number of several other dignitaries from the corporate world attended the award ceremony.

The Corporate Excellence Awards

The Corporate Excellence Awards were instituted by the Management Association of Pakistan (MAP) in 1982. Their aim was to recognize and honour companies for demonstrating progressive and enlightened management practices.

The evaluation for the Awards comprised of the following four phases:

  • Shortlisting on the basis of dividend payouts during the last      three years
  • Detailed financial assessment
  • Review of management practices
  • Management interviews

To judge the participants fairly, MAP sent a comprehensive questionnaire to each company. This questionnaire covered areas such as corporate governance, strategic planning and communication, leadership, social responsibility, customer and market focus, human resource focus, operations management, information/risk management, I.T governance, I.T infrastructure, I.T service delivery, and I.T security.

After receiving the duly filled questionnaires, a team from MAP visited the MPCL Head Office. There, they held a detailed meeting with the top management of the company to get further insight into the company.

Read more: MPCL hosts the first National Risk Management Conference!

In fact, to ensure complete objectivity, MAP hired a neutral third-party consultant for their evaluation. The consultant’s job was to carry out interviews/evaluations of the top management and then the compilation of results.

Mari Petroleum Company Limited had first qualified for the Awards in 2016 and afterward in 2017. Since then, it has emerged as a yearly winner in the Oil & Gas Sector. The Corporate Excellence Award is a manifestation of the management’s commitment to excellence in each and every sphere of the company’s operations. Such acknowledgments build the combined morale of corporate teams and enhanced company’s productivity in the long run.