PSO, SOCAR sign MoU to establish JTC in Singapore

February 24, 2025 (MLN): Pakistan State Oil Company Limited (PSO) and the State Oil Company of the Azerbaijan Republic (SOCAR) signed a Memorandum of Understanding (MoU) in Baku, Azerbaijan, to establish a Joint Trading Company (JTC) in Singapore, aiming to secure Pakistan's energy supply chain while leveraging market opportunities.

Another MoU was also signed today in Baku, Azerbaijan, between PSO, FWO, and other partners, inviting SOCAR as a potential equity partner.

The aim is to connect the north of the country with pipeline infrastructure, the company's filing on PSX revealed today.

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

Pakistan Refinery Limited (PRL), PSO and SOCAR have signed an MOU today in Baku, Azerbaijan, to establish basic principles for cooperation in Project Management Consultancy support and technical services for refinery modernization.

The agreement also covers new initiatives, including experience and knowledge sharing in feasibility studies, scope definition, technical advisory matters, risk assessment, and mitigation, as well as procurement and contracting support.

A Letter of Acknowledgment was signed today in Baku, Azerbaijan, regarding the SPA signed between PSO and SOCAR under the G-to-G arrangement on December 26, 2024.

The aforementioned MOUs have been signed in connection with the Prime Minister of Pakistan's ongoing visit to Azerbaijan.

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