ISLAMABAD – Federal Minister for Petroleum, Ghulam Sarwar Khan saysPakistan and Azerbaijan will constitute a Joint Working Group on Energy.
He said this during a meeting with Ambassador Azerbaijan, Ali Alizadai inIslamabad today.
Azerbaijan is interested in investing in LNG sector through State OilCompany of Azerbaijan Republic (SOCAR). The two sides had entered into aninter-governmental agreement (IGA) in February 2017 for supply of a numberof oil and gas products, including furnace oil, petrol, diesel andliquefied natural gas (LNG).
Both countries are now expected to formally sign a commercial agreementnext month on arrival of Azerbaijan Foreign Minister in Islamabad .
Ghulam Sarwar Khan said that Petroleum Division will try its best to getthis agreement ratified from ECC and Cabinet so that mutual relationbetween both countries can be strengthened.
The Ambassador mentioned that SOCAR’s activities include exploration of oiland gas, production, processing and transportation of oil, natural gas andgas condensate as well as marketing of petroleum and petrochemical productsin 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’sdaily production of crude oil is approximately 860,000 barrels per day(bpd) and its annual gas production is approximately 29.4 billion cubicfeet. This makes SOCAR a predominant player in its core region as well asan invaluable trade partner in the global market. He also invited worthyMinister to Caspian Oil and Gas Exhibition and Conference in Azerbaijan on29th May, 2019.The Minister thanked him for this invitation.