Baku, Azerbaijan, April 12
By Leman Zeynalova – Trend:
SOCAR Trading, the trading house of the Azerbaijan’s state oil company SOCAR, will ink a long-term contact, envisaging supply of more than 1 million tons of oil products per year to Pakistan, SOCAR spokesperson Ibrahim Ahmadov told Trend.
“A credit line will be provided for the initial batch of products worth $100 million. As a result, SOCAR becomes the second long-term supplier of oil and oil products to Pakistan,” he said.
Earlier, Economic Coordination Committee (ECC) of the Cabinet of Pakistan approved the fuel supply agreement with SOCAR.
“Committee accorded approval to a proposal of Ministry of Petroleum regarding Fuel Supply Agreement between Pakistan State Oil (PSO) and State Oil Company of the Republic of Azerbaijan (SOCAR),” Pakistani media reported.
Federal Minister for Petroleum of Pakistan Ghulam Sarwar Khan has earlier said that Petroleum Division will try its best to get this agreement ratified from Cabinet so that mutual relation between both countries can be strengthened.
Moreover, he noted that Pakistan and Azerbaijan will constitute a joint working group on energy,
Pakistan and Azerbaijan 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).
Azerbaijan is interested in investing in LNG sector through State Oil Company of Azerbaijan SOCAR.
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