PRL signs Tripartite MoU with SOCAR, PSO for refinery modernization

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MG News | February 25, 2025 at 08:26 AM GMT+05:00

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February 25, 2025 (MLN): Pakistan Refinery Limited (PSX: PRL) has executed a Tripartite Memorandum of Understanding (MoU) with the State Oil Company of Azerbaijan Republic (SOCAR) and Pakistan State Oil Company Limited (PSO) in Baku, Azerbaijan, the company's filing on PSX revealed today. 

The MoU aims to provide Project Management Consultancy support and technical services for refinery modernization and new initiatives.

The collaboration will cover various aspects, including feasibility studies and scope definition, technical advisory matters, risk assessment and mitigation, and procurement and contracting support.

This partnership is expected to leverage the combined expertise and experience of SOCAR and PSO to enhance the efficiency and capabilities of PRL's refinery operations.

Yesterday, PSO and SOCAR signed a MoU in Baku, Azerbaijan, to establish a Joint Trading Company (JTC) in Singapore to secure Pakistan's energy supply chain while leveraging market opportunities.

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