PSO and SOCAR to establish JTC in Singapore

KARACHI: Pakistan State Oil Company Limited (PSO) and the State Oil Company of the Azerbaijan Republic (SOCAR) have 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 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 announced on Monday.

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 modernisation.

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 acknowledgement was also signed today in Baku regarding the SPA signed between PSO and SOCAR under the G-to-G arrangement on December 26, 2024.These MOUs have been signed in connection with the Prime Minister of Pakistan’s ongoing visit to Azerbaijan.