December 26, 2024 (MLN): The Management Board of Pakistan State Oil Company Limited (PSX: PSO) has approved the execution of the Sales and Purchase Agreement (SPA) between PSO and the State Oil Company of the Republic of Azerbaijan (SOCAR).
The signed agreement from SOCAR was received on December 24, 2024, with its execution scheduled to take place in due course, the company's filing on PSX revealed today.
This is with reference to the PSO's letter dated November 08, 2024, wherein the PSO informed that the company shall inform the PSX when the captioned SPA is executed.
This will follow the confirmation of the Economic Coordination Committee (ECC) decision, ratification by the Federal Cabinet, and formal approval of the SPA by PSO's Board of Management.
The Ministry of Energy (Petroleum Division), through its letter dated December 03, 2024, informed PSO of the 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.
