Pakistan to Offer PSO Terminal Stake to Saudi Arabia

Pakistan is set to offer stakes to Saudi Arabia in the oil terminal being set by state state-owned oil marketing company Pakistan State Oil (PSO).

PSO plans to set up an oil terminal in Hub Balochistan at a cost of around $300 million.

Saudi Arabia is scheduled to visit Pakistan during the first week of next month. During the visit, Pakistan has planned to offer stakes in the PSO Oil terminal to the Saudi Arabian state-owned firm Aramco.Did pso get stakes in Guddu

Saudi Arabia’s oil giant Aramco has already made footprints in Pakistan by acquiring shares in the Pakistani oil marketing company Go Petroleum.

After acquiring shares, Pakistani private company Go Pakistan has been facing allegations of dumping oil in the market by offering higher discounts. The Oil Companies Advisory Council (OCAC) has also raised the issue with the government.

Go Petroleum is also said to capture the market share of the Pakistani state Oil due to dumping products by offering higher discounts,

Saudi Arabia has been a key player in the Pakistani oil market, which supplies crude oil on deferred payments.

After the defence pact, the two brotherly countries, Pakistan and Saudi Arabia, are looking to deepen the existing bilateral relations.

Therefore, the Pakistani side has started work, and a joint working group has been created to prepare a list of projects to offer to the Saudi delegation’s visit to Pakistan.

Sources say that PSO’s oil terminal is one of the projects that would be offered to Saudi Arabia to work in a joint venture.

The government has tasked all ministries and divisions to expedite work on shortlisting projects to offer to Saudi Arabia.