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 --------------------------- Business Value Chain----------------------------

Currency oil price risk management to ensure stability in PKR value of cash flows
from refining/selling margins management of inventory price risk
Managing pricing
mismatches between crude
and products
Up streaming of cash
flows from local units
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 ------------------------- Treasury Interface------------------------------
Managing working capital
financing needs

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Optimie cost of borrowing Focus on maintaining a
negative working capital
cycle through matching
creditor/buyers credit
period with crude
processing time

------------- Financing the business value chain-------------------

Optimize return on
surpluses and oil bonds to
protect marketing margins