|Date: April 23, 2010|
|KESC, PSO Sign Fuel Supply Agreement|
In a bid to cement a long-term relationship between the two giants, Pakistan State Oil and Karachi Electric Supply Corporation have signed a Fuel Supply Agreement on mutually agreed terms. According to the agreement, PSO will supply up to 33,000 MTs of furnace oil to KESC every month under the new commercial terms. The duration of the agreement is 10 years.
The formal signing ceremony was held at PSO House where Mr. Irfan K. Qureshi, MD PSO and Mr. Tabish Gauhar, CEO KESC signed the FSA on behalf of the respective entities.
Speaking on the occasion Tabish Gauhar CEO KESC said, “Today we have entered into a landmark agreement which will ensure smooth supply of furnace oil to KESC that would help us plan our operations better and effectively manage electricity needs of Karachi, which happens to be the industrial and business hub of Pakistan. Here we would like to extend a special word of thanks to PSO management for their support and cooperation in finalization of this critical agreement. We hope to enter into a similar “Gas Supply Agreement” with SSGC soon.”
Managing Director, PSO, Mr. Irfan Qureshi stated, “This is a well-negotiated agreement between both parties that shall serve as a milestone helping streamline the fuel supply to KESC.” He added that he hopes that this FSA serves to be a sturdy reciprocal relationship between both comrades and that both parties shall strictly abide by the mutually laid down terms and conditions.