PSO, Azerbaijan ink MOU to connect Pakistan's north with pipeline infrastructure

BAKU: Pakistan State Oil and Azerbaijan’s state oil company signed a Memorandum of Understanding to establish a joint company in Singapore.

PSO in a letter informed PSX about the development, stating that Pakistan State Oil Company Limited (PSO) and State Oil Company of Azerbaijan Republic (SOCAR) have signed a MOU today in Baku, Azerbaijan for the establishment of a Joint Trading Company (ITC) at Singapore that will secure Pakistan’s energy supply chain while taking advantage of market opportunities.

Additionally, PSO, Frontier Works Organization (FWO), and other partners have signed an MOU, inviting SOCAR as a potential equity partner for the FWO Pipeline project.

The primary objective of this collaboration is to connect northern Pakistan with pipeline infrastructure.

Currently, less than a third of all oil movement is through pipelines in Pakistan, presenting an opportunity to expand the pipeline network.

Furthermore, PSO, Pakistan Refinery Limited (PRL), and SOCAR have signed another MOU to outline the basic principles of cooperation in project management consultancy support and technical services for refinery modernization.

Meanwhile, Pakistan and Azerbaijan have signed multiple Memorandums of Understanding and agreements to boost bilateral cooperation in different fields including trade, energy, tourism and education.

The documents were exchanged following talks between Prime Minister Shehbaz Sharif and President Ilham Aliyev in Baku on Monday.

Prime Minister Shehbaz Sharif and Azerbaijan President Ilham Aliyev witnessed the documents exchange ceremony.

The two countries signed an MoU between the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan’s Frontier Works Organization (FWO) and PSO for collaboration in Machike-Thallian-Tarujabba White Oil Pipeline Project.

Pakistan and Azerbaijan also signed an amendment agreement to Framework Agreement for the sale and purchase of LNG cargoes related to Master LNG Sale and Purchase Agreement.