PSO signs sale and purchase agreement with Azerbaijan’s SOCAR
Admin
Dec 28, 2024
Pakistan State Oil Company Limited (PSO), the country’s largest state-owned petroleum company, has finalized a significant step in its international operations by signing a Sale and Purchase Agreement (SPA) with State Oil Company of the Republic of Azerbaijan (SOCAR).
The approval to execute the agreement came from PSO’s Board of Management (BoM) after receiving the signed agreement from SOCAR on December 24. This marks a significant development in PSO’s efforts to strengthen its global partnerships and expand its network.
In a notice issued to the Pakistan Stock Exchange (PSX), PSO confirmed the agreement’s execution would take place in due course, outlining the importance of the deal for future operations.
Previously, on November 8, PSO had communicated to the PSX about the impending SPA, notifying stakeholders that further updates would be shared upon its finalization.
Additionally, a letter from the Ministry of Energy (Petroleum Division), dated December 3, 2024, confirmed the approval of the SPA by the Economic Coordination Committee (ECC), followed by ratification from the Federal Cabinet. The Ministry further directed PSO to expedite the signing process with SOCAR.
The signing of this agreement is expected to foster stronger energy ties between Pakistan and Azerbaijan, paving the way for further cooperation in the energy sector.
