17 August 2018

Azerbaijan, Pakistan to co-op in oil, gas supplies

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The Ministry of Petroleum and Natural Resources of Pakistan and the Ministry of Energy of the Azerbaijan have agreed for signing of an intergovernmental agreement which will aim at cooperation in the supply of crudes, refined oil products, LPG and LNG, Pakistani media outlets reported.

The agreement was reached within the two-day 6th Session of Azerbaijan-Pakistan joint commission at governmental commission level.

The signed agreements will also aim at attraction of investments into energy sectors, including the relevant infrastructure and storage within and outside Pakistan.

During the two days of the session, detailed meetings were held between the experts of the two sides on a number of issues, especially focusing on trade and commerce, energy, agriculture, education, science and technology and other matters of mutual interest.

Both sides also agreed on facilitating negotiations and subsequent signing of memoranda of understanding between State Oil Company of Azerbaijan (SOCAR) and Pakistan State Oil Company (PSO) and other nominated entity of Pakistan under the intergovernmental agreement aimed at trading of crudes, refined oil products, LNG and Liquefied Petroleum Gas (LPG) as well as joint development of new facilities for their import.

SOCAR would execute the activities hereunder through SOCAR Trading S.A., which is SOCAR's wholly owned affiliate. It was also agreed to sign an agreement between Azerbaijan and Pakistan on cooperation in the field of energy after the completion of all necessary national legal procedures.

The parties agreed to explore the possibilities of cooperation between Ministry of Energy of Azerbaijan and the Ministry of Water and Power of the Pakistan on the supply of electricity from Azerbaijan to Pakistan under the intergovernmental agreement.

The two sides further agreed to establish and enhance defense industrial cooperation.

The trade turnover between Azerbaijan and Pakistan amounted to $1.8 million in the first quarter of 2016, according to the State Customs Committee of Azerbaijan.

2016.04.30 / 19:14
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