Sale, purchase of POL products: ECC may okay PSO deal with OQ Oman

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is likely to approve sale and purchase agreement for petroleum products between Pakistan State Oil Company Limited (PSO) and OQ Trading Limited of Oman.

In March, PSO and Oman Trading International engaged in constructive discussions to explore the possibility of providing additional oil cargoes to help Pakistan meet energy demand.

Three cargoes of petrol and one cargo of diesel were imported from the ports of Oman in March.

Two more cargoes of petrol will be imported this month from Oman ports.

READ MORE: PSO & Oman Trading discuss provision of additional oil cargoes

In this respect, Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with Fahad Bin Sulaiman Bin Khalaf Alkharusi, the Ambassador of the Sultanate of Oman to Pakistan. Both sides discussed the evolving energy situation in the region and avenues for strengthening bilateral cooperation in the energy sector.

The Federal Minister highlighted that Pakistan and Oman enjoy long-standing, cordial and brotherly relations, rooted in shared history, mutual respect and strong people-to-people ties. He reaffirmed Pakistan’s commitment to further expand the bilateral energy partnership and explore new areas of collaboration.

During the meeting, the Federal Minister apprised the Ambassador of Pakistan’s ongoing efforts to diversify its energy imports and ensure supply resilience, particularly by exploring alternative routes and sources outside the Strait of Hormuz in light of the changing regional dynamics.

The Ambassador welcomed Pakistan’s push towards diversification and conveyed that Oman stands ready to support Pakistan in enhancing its energy security.

In this regard, the Federal Minister expressed optimism that Oman would consider Pakistan’s request for preferential energy cargoes to meet its growing requirements. The Ambassador responded positively and assured that the request would be considered favourably.

The meeting also discussed opportunities for enhanced cooperation in the upstream sector, including exploration and production, and underscored the importance of expanding collaboration in oil and gas development projects.

Both sides reaffirmed their shared commitment to further deepen Pakistan-Oman cooperation in the energy sector and strengthen strategic ties for mutual benefit.

On Monday (today), the ECC will consider a proposal regarding provision of PASSCO’s wheat stocks to all recipient agencies on an 85 percent local and 15 percent imported wheat basis. The matter has been placed by the Ministry of National Food Security and Research.

Another key agenda item relates to the funds required for settlement of PIACL claims and carved-out liabilities, which has been placed before the ECC by the Defence Division. The committee will also consider the IC Award 2025 concerning the Roosevelt Hotel and an NBP term facility of up to Rs43.849 billion.

The ECC will further consider a proposal for a technical supplementary grant of Rs7.797 billion as budgetary cover against funds remitted by the Government of Sindh for the Greater Karachi Bulk Water Supply Scheme (K-IV).

The agenda also includes approval of a Rs567.032 million technical supplementary grant for payment of security charges for the Reko Diq project to Headquarters Frontier Corps Balochistan (South).

In addition, the ECC will examine a request for re-appropriation of funds under the PSDP allocation for 2026-27 for the project titled “Automation of Post Office.”

Copyright Business Recorder, 2026