Lt Gen Nadeem Ahmed (Retd), Ex-Managing Director Mari Petroleum Company Limited Receives “National Excellence Award 2017”
Lt Gen Nadeem Ahmed (Retd) has been awarded the prestigious “National Excellence Award 2017” at the Engineers’ Day & IEP National Excellence Awards Distribution Ceremony organized by the Institution of Engineers Pakistan (IEP). The ceremony took place on May 19, 2017 at the Expo Center Lahore in which representatives from industry, academia, and various engineering bodies participated. Honorable Prof. Engr. Ahsan Iqbal, Federal Minister for Planning, Developments & Reforms was the Chief Guest.
The award recognizes Gen Nadeem’s outstanding leadership and contributions to national causes while working with Federal Relief Commission (FRC), Earthquake Reconstruction & Rehabilitation Authority (ERRA), Special Support Group for Internally Displaced Persons, National Disaster Management Authority (NDMC) and Mari Petroleum Company Limited (MPCL).
Lt Gen Nadeem Ahmed (Retd) served as the Managing Director of MPCL from February 2014 till January 2017. As Managing Director/CEO of MPCL, he oversaw successful transition of the Company from a cost-plus-fixed-return based pricing model to an international-crude-oil-price linked market based model, and introduced numerous reforms in the process to transform the Company into a target driven, competitive and vibrant organization. Despite dip in global oil price and MPCL being in a transition phase, he kept up financial and operational performance of the Company. All performance parameters including production of oil and gas, revenues, net profit, contribution to national exchequer and shareholders’ net worth followed a positive trajectory during his tenure and reached historically high levels. Due to his untiring efforts, the Company share price shot up from Rs. 200 per share to Rs. 1500 per share in just three years and the return to shareholders increased from 36% to 52%.