KARACHI: The Pakistan State Oil Company Limited (PSO), the state-owned entity, has approved the execution of a sale and purchase agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR).
The PSO Board of Management (BoM) gave node after the company received the signed agreement from SOCAR on December 24.
According to a notice issued by PSO to the Pakistan Stock Exchange (PSX), the execution of the agreement is planned to take place in due course.
In its earlier communication dated November 8, PSO had informed the PSX that the company would provide an update once the SPA was executed.
“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 PSO’s letter read.
The Ministry further instructed PSO to make necessary arrangements for signing the SPA with SOCAR at the earliest, according to the notice.
