Rejuvenation of Asia Petroleum

Successful transformation of Asia Petroleum Limited (APL) has been widely regarded as a model of corporate development and change management. The elements of transformation and issues involved have attracted interest of business and academia. Lahore University of Management Sciences (LUMS), a premier business education institution in Pakistan, is teaching a case study on transformation of Asia Petroleum to final-year MBA students. Institute of Business Administration (IBA), another leading educational institution, is writing a case on Asia Petroleum's turnaround. Besides, corporate transformation at Asia Petroleum has received accolades from global business leadership. Leading the change effort, Amjad Parvez Janjua, Managing Director & CEO of Asia Petroleum Limited received the "Best CEO of the Year 2010" award, presented to him by the Federal Minister for Petroleum & Natural Resources on behalf of the Prime Minister of Pakistan. Asia Petroleum has undergone a radical transformation since Janjua took over the responsibility as CEO of the company on 1st October 2009. The entire organizational set-up was revamped in line with best international practices, and a state-of-the-art framework of systems and procedures encompassing various corporate functions was put in place. The winds of change facilitated several high-value and far-reaching initiatives on operational front. Substantial cost-efficiencies enabled the company to earn highest ever profit before tax in FY 2010, while increasing the return on average capital employed from 52 percent in FY 2009 to 67 percent in FY 2010. The company played an active role in promoting corporate responsibility and sustainable development in partnership with leading national and international organizations.