Pakistan National Shipping Corporation (PNSC) has bagged a charter contract to carry oil for Pakistan State Oil (PSO), Seatrade Asia online reports.
The two state firms signed a contract of affreightment last week. Under the agreement, in effect from 1 January 2013, PNSC will arrange shipment for about 3m tonnes of furnace oil per annum on its ships. A test shipment of 71,500 tonnes of furnace oil had already been brought into Pakistan through a PNSC vessel.
PSO said the agreement will help to minimise dependence on foreign supply lines and reduce its transportation costs by paying in Pakistani rupees translating to savings worth PKR2.5bn ($26.2m) annually.
In addition, the arrangement will increase employment opportunities for sailors and improve the skill sets of the workforce in the oil shipping business.
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