Pakistan State Oil Company Limited (PSO), the nation’s largest state-owned petroleum firm, has taken a major step in its international operations by signing a Sale and Purchase Agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR).
PSO’s Board of Management (BoM) approved the agreement after receiving the signed document from SOCAR on December 24, highlighting a key milestone in PSO’s efforts to enhance global partnerships and broaden its operational reach.
In a notice to the Pakistan Stock Exchange (PSX), PSO confirmed that the agreement’s execution would follow in due course, emphasizing its strategic importance for the company’s future endeavors. Earlier, on November 8, PSO had informed the PSX about the SPA’s progress, promising further updates once finalized.
The Ministry of Energy (Petroleum Division) also played a crucial role in this development. In a letter dated December 3, 2024, the Ministry confirmed the Economic Coordination Committee’s (ECC) approval of the SPA, subsequently ratified by the Federal Cabinet. The Ministry directed PSO to expedite the signing process with SOCAR.
This agreement is set to strengthen energy relations between Pakistan and Azerbaijan, paving the way for enhanced collaboration in the energy sector.
