Pakistan, Azerbaijan to ink accord on petroleum products supply

ISLAMABAD: Pakistan is likely to sign a commercial agreement with Azerbaijan during the current month for supply of different petroleum products to meet its growing energy needs.

According to Radio Pakistan, the two sides had entered into an inter-governmental agreement in February 2017 for supply of furnace oil, petrol, diesel and liquefied natural gas.

Both the countries are now expected to formally sign a commercial agreement on arrival of Azerbaijan Foreign Minister in Islamabad.

On Jan 30, Federal Minister for Petroleum Ghulam Sarwar Khan had that Pakistan and Azerbaijan will constitute a joint working group on Energy.

He stated this during a meeting with Azerbaijan’s ambassador to Pakistan, Ali Alizadai at his office in the federal capital.

According to a statement released from the ministry, 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.

On the occasion, Ghulam Sarwar said that the petroleum division would try its best to get that agreement ratified from ECC and cabinet so that mutual relation between both countries could be strengthened.

He said that Azerbaijan’s daily production of crude oil was approximately 860,000 barrels per day (bpd) and its annual gas production was approximately 29.4 billion cubic feet.