The Pakistan State Oil (PSO) Board of Management (BoM) has approved the execution of a Sale Purchase Agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR).
In a notification to the Pakistan Stock Exchange (PSX), PSO confirmed that the Ministry of Energy (Petroleum Division) had informed the company of the Economic Coordination Committee (ECC)’s approval of the SPA, followed by its ratification by the Federal Cabinet. The ministry instructed PSO to finalize the agreement with SOCAR without delay.
PSO’s BoM recently approved the execution of the SPA, with the signed agreement received from SOCAR on December 24, 2024. This agreement, approved by the ECC, is seen as a key development for PSO, marking an important step in the company’s operations.
The successful execution of the SPA is expected to enhance Pakistan’s energy sector, strengthening PSO’s position in the market. This collaboration with SOCAR, a major player in the global energy market, will likely improve Pakistan’s energy supply and foster deeper ties between the two nations. The agreement’s finalization is expected to proceed in due course, marking a milestone for both PSO and Pakistan’s energy future.
