PSO board greenlights SPA execution with Azerbaijan’s SOCAR

ISLAMABAD: The Pakistan State Oil’s (PSO) Board of Management (BoM) approved the execution of a Sale Purchase Agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR).

The PSO dispatched a letter to the Pakistan Stock Exchange (PSX), which includes information pertaining to an agreement.

“Kindly be informed 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,” the PSO’s letter read.

“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.”

According to the PSO, the execution of the said agreement will take place in due course.

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The Ministry of Energy (Petroleum Division) communicated with PSO in a letter dated December 3, 2024, regarding these endorsements and directed the company to initiate the signing process.

The letter further read that the agreement was signed after the approval by the Economic Cooperation Committee (ECC) on 24 December.