Pakistan State Oil Finalizes Strategic Oil Supply Agreement with Oman’s OQ Trading; Transactions to Be Backed by Government Guarantee
KARACHI: In a momentous step towards enhancing the energy security and fuel supply of Pakistan, Pakistan State Oil (PSO) has now completed and signed a pivotal Sale and Purchase Agreement with Oman’s OQ Trading (OQT).
Formal notices to the Pakistan Stock Exchange (PSX) said the deal is to be a safe and trusted oil deal between PSO and the Omani oil firm supported by official government guarantees.
The key highlights of PSO/OQ trading energy agreement are as follows:
Approval and Formalization: The Economic Coordination Committee (ECC) and PSO’s Board of Directors both approved the accord, which was then formally signed by both parties.
Energy Security Strengthened: Energy analysts see the Omani deal with the country’s top trading company as a significant measure to support the country’s national energy security and help reduce potential disruptions in the ongoing geopolitical conflicts in the Middle East.
Extra fuel cargoes had also been discussed for Pakistan’s benefit as part of the additional shipments and favourable terms package between PSO and OQ Trading, which are likely to assist in getting the petroleum products at competitive market premiums.