The Board of Management of Pakistan State Oil Company Limited (PSX: PSO) has approved the execution of the Sale Purchase Agreement (SPA) between PSO and State Oil Company of Azerbaijan Republic (SOCAR).
In a notice to the Pakistan Stock Exchange (PSX) on Thursday, the fuel marketing company said that the Ministry of Energy (Petroleum Division), through its letter dated December 03, 2024, informed PSO of the Economic Coordination Committee (ECC)’s approval of the SPA and the Federal Cabinet’s ratification of the ECC’s approval. The Ministry further advised PSO to make necessary arrangements for signing the SPA with SOCAR at the earliest.
“PSO’s Board of Management recently approved the execution of the SPA between PSO and SOCAR and the signed agreement has been received from SOCAR on December 24, 2024. Execution of the agreement will take place in due course,” the notice added.
According to earlier reports, under the agreement, Azerbaijan will supply petroleum products to PSO through SOCAR on credit under a long-term agreement.