KARACHI: The Management Board of Pakistan State Oil Company Limited (PSO), a leading state-owned oil marketing company, has approved the execution of a Sale and Purchase Agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR).
As per a notice issued to the Pakistan Stock Exchange (PSX), PSO received the signed agreement from SOCAR on December 24. The execution of the SPA will proceed shortly. Earlier, on November 8, PSO had assured stakeholders of providing updates once the agreement was finalized.
This development follows a series of approvals, including confirmation by the Economic Coordination Committee (ECC), ratification by the federal cabinet, and final endorsement by PSO’s management board.
In a letter dated December 3, the Ministry of Energy (Petroleum Division) informed PSO of the ECC’s approval and the federal cabinet’s ratification. The ministry further directed PSO to expedite preparations for signing the agreement with SOCAR.
This agreement marks a significant milestone in PSO’s efforts to strengthen strategic partnerships and enhance Pakistan’s energy supply chain.
