In consideration for the said transfer, the reorganization plan provided that all shareholders of the two former companies, PNOL
and POCL, be issued fully paid-up ordinary shares of PSO against their holdings in PNOL
and POCL along with fully paid-up premium shares.
But instead of establishing a new company, it nationalised PNOL and Dawood Petroleum on January 1, 1974.
On 30 December 1976 the government again changed the name of State Oil to Pakistan State Oil Company Limited and merged PNOL and premier Oil Company into it.