PSO To Sign POL Products' Sale/purchase Agreement With Turkish Company
Fahad Shabbir (@FahadShabbir) Published January 29, 2018 | 02:35 PM
Pakistan State Oil (PSO) is set to start negotiations with Turkish Petroleum International Company (TPIC) to sign an agreement for sale and purchase of petroleum products
ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Jan, 2018 ) :Pakistan State Oil (PSO) is set to start negotiations with Turkish Petroleum International Company (TPIC) to sign an agreement for sale and purchase of petroleum products.
The agreement is being finalized in line with a Memorandum of Understanding (MoU) signed between Pakistan and Turkey on February 23, 2017, official sources told APP. They said a draft term sale/purchase agreement for petroleum products had been prepared and shared with the Turkish company to materialize the deal, adding that negotiation between the PSO and TPIC were expected to start soon.
The negotiations from PSO side would be led by the price Negotiation Committee which has been constituted by its board of Management. Answering a question, the sources said Pakistan LNG Limited (PLL) was also negotiating supply of Liquefied Natural Gas from State Oil Company of Republic of Azerbaijan (SOCAR) under an inter-governmental agreement signed last year.
A Price Negotiating Committee (PNC) has been constituted with approval of Economic Coordination Committee of the Cabinet to discuss LNG pricing issues between PLL and SOCAR, they added. Following the agreement, the sources said, Pakistan had nominated the PSO, PLL, Pakistan LNG Terminal Limited (PLTL), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) for negotiating the sale and purchase agreement for petroleum products, LNG supply and establishment of LNG terminals.
While, the Azerbaijani side nominated the SOCAR for the purpose. The sources said draft of sale and purchase agreement for petroleum products had been prepared by PSO and negotiations in this regard was expected to start with SOCAR shortly.
Answering a question, they said world major players were showing keen interest to invest in LNG sector of Pakistan after seeing immense business potential of the commodity here. "LNG is the cheapest source of fuel and the world's major players are showing interest to invest in LNG sector of Pakistan by setting up their own terminals and developing transmission network to supply the commodity to consumers," they said.
Before LNG import, they said Pakistan was importing one million ton fertilizer per year and now it was exporting over six million tons fertilizer, besides entire power generation sector was getting smooth gas supply.
Related Topics
Recent Stories
BISP embraces E-procurement: launches inaugural tender
Modi govt broken all records of oppression to win elections: President AJK
PM for further strengthening economic, trade ties with Turkiye
Administrative machinery actively checking price, weight of roti/naan: minister
Advisor asks tourists to avoid visiting Kaghan during current rains
Business community indebted to Ahsan Zafar for his unprecedented services: Yousu ..
Three Filipinos dead in UAE floods: officials
DC Larkana chairs meeting to review strategy for anti-Polio drive
Registration process under BISP continues in Sargodha
QAU announces scholarships for KP students
Prisoner commits suicide in Timergara Jail
RCB takes action against selling expired food items
More Stories From Business
-
BISP embraces E-procurement: launches inaugural tender
57 minutes ago -
Business community indebted to Ahsan Zafar for his unprecedented services: Yousuf Rajput
1 hour ago -
China auto sector steps up Europe push with Spain plant
57 minutes ago -
Condolence reference held in memory of FBR's officials
2 hours ago -
Health activists ring alarm bells over 10-stick cigarette pack
3 hours ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
3 hours ago
-
PSX turns bullish, gains 619 points
3 hours ago -
Rupee bounces back; gains 13 paisa against dollar
3 hours ago -
Partners join hands for alternate use of marble, granite slury
3 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
5 hours ago -
Weekly inflation falls by 0.79 percent
5 hours ago -
IMF Officials assure support to Pakistan’s economy
6 hours ago