Pakistan to sign oil & gas supply agreement with Azerbaijan in February | CustomNews.pk

Pakistan to sign oil & gas supply agreement with Azerbaijan in February

ISLAMABAD: Pakistan and Azerbaijan will formally sign a commercial agreement for supply of oil and gas products this February on arrival of Azerbaijan’s foreign minister in Islamabad. Azerbaijan is one of the leading oil and gas exporters and has developed its expertise in these sectors. It would be a general governmental level agreement to allow companies to start talks and the business and trade would materialize only if found economically and logistically feasible, an official said. [the_ad id="31605"] Federal Minister for Petroleum, Ghulam Sarwar Khan said on Wednesday that Pakistan and Azerbaijan will constitute a joint working group on energy. He said this during a meeting with Chingiz Coribhi, Deputy Head of Mission Azerbaijan, at Petroleum Division, Press Information Department PID reported. Azerbaijan is interested in investing in LNG sector through State Oil Company of Azerbaijan Republic (SOCAR). The two sides had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and liquefied natural gas (LNG). Both countries are now expected to formally sign a commercial agreement this February on arrival of Azerbaijan’s Foreign Minister in Islamabad. Ghulam Sarwar Khan said that Petroleum Division will try its best to get this agreement ratified from Economic Coordination Committee ECC and Cabinet so that mutual relation between both countries can be strengthened. Deputy Head of Mission mentioned that State Oil Company of Azerbaijan Republic (SOCAR) activities include exploration of oil and gas, production, processing and transportation of oil, natural gas and gas condensate as well as marketing of petroleum and petrochemical products in domestic and international markets. It also operates a wide network of petrol stations in Ukraine, Romania, Georgia, Switzerland and Azerbaijan under its brand name. Azerbaijan’s daily production of crude oil is approximately 860,000 barrels per day (bpd) and its annual gas production is approximately 29.4 billion cubic feet. This makes SOCAR a predominant player in its core region as well as an invaluable trade partner in the global market. Azerbaijan’s diplomat also invited worthy Minister to Caspian Oil and Gas Exhibition and Conference in Azerbaijan on 29th May, 2019.
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