ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is expected to approve a sale and purchase agreement between Pakistan State Oil (PSO) and Oman’s OQ Trading Limited for the supply of petroleum products.
The proposed agreement comes as Pakistan seeks to diversify its energy import sources and strengthen fuel supply resilience amid changing regional dynamics and risks surrounding the Strait of Hormuz.
PSO and Oman Trading International had held discussions in March on increasing oil cargoes to help meet Pakistan’s energy requirements. Following the talks, three petrol cargoes and one diesel cargo were imported from Oman, while two additional petrol cargoes are scheduled to be imported from Omani ports this month.
The development follows a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Oman’s Ambassador to Pakistan, Fahad Bin Sulaiman Bin Khalaf Alkharusi, where the two sides discussed regional energy developments and opportunities to expand bilateral cooperation.
The petroleum minister highlighted Pakistan’s efforts to diversify energy imports by exploring alternative sources and routes outside the Strait of Hormuz. He also expressed hope that Oman would consider Pakistan’s request for preferential energy cargoes to meet its growing requirements.
The Omani ambassador welcomed Pakistan’s efforts to enhance energy security and assured that the request would be considered favourably.
The two sides also discussed opportunities for greater cooperation in the upstream oil and gas sector, including exploration and production, and expressed a commitment to expanding collaboration on energy development projects.
Meanwhile, the ECC is scheduled to consider several other proposals, including the provision of PASSCO wheat stocks to recipient agencies on an 85% local and 15% imported wheat basis.
The committee will also examine funding requirements for the settlement of PIACL claims and carved-out liabilities, the IC Award 2025 concerning the Roosevelt Hotel, and an NBP term facility of up to Rs43.849 billion.
Other agenda items include a Rs7.797 billion technical supplementary grant for the Greater Karachi Bulk Water Supply Scheme (K-IV), a Rs567.032 million grant for security charges for the Reko Diq project, and re-appropriation of funds under the 2026-27 PSDP for the Automation of Post Office project.
Story by Mushtaq Ghumman
