Karachi: Pakistan State Oil Company Limited (PSO) has announced a strategic move to expand its operations in the burgeoning electric vehicle (EV) sector. The company has entered into a partnership with HUBCO Green (Private) Limited to develop and market EV charging infrastructure and provide EV charging services across selected PSO fuel stations in Pakistan. This agreement was officially signed on February 14, 2025, marking a significant step for PSO in aligning with global trends towards sustainable energy solutions.
The agreement with HUBCO Green (Private) Limited aims to establish a comprehensive EV charging network, facilitating the growing demand for electric vehicles in Pakistan. This initiative is expected to enhance the country”s EV infrastructure, ultimately encouraging more consumers to opt for environmentally friendly modes of transportation. According to industry experts, the collaboration is poised to position PSO as a key player in Pakistan”s energy transition towards renewables.
Furthermore, at the same Economic Coordination Committee (ECC) meeting held on February 14, 2025, there was a proposal on the agenda regarding the incorporation of an International Joint Trading Company in Singapore by PSO and the State Oil Company of the Azerbaijan Republic (SOCAR). While certain media outlets have reported the approval of this venture, PSO stated that they are awaiting the official minutes and decisions from the meeting and will update the Pakistan Stock Exchange (PSX) accordingly.
According to information available from the Pakistan Stock Exchange (PSX), this move is seen as a strategic expansion for PSO, diversifying its portfolio and strengthening its market presence both domestically and internationally. The establishment of the joint trading company in Singapore is expected to enhance PSO”s trading capabilities and partnerships in the region.
This announcement complies with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, ensuring transparency and dissemination of material information among the members of the Pakistan Stock Exchange Limited.