BAKU, Azerbaijan, Nov.13
By Leman Zeynalova – Trend:
Azerbaijan and Pakistan are in contact for signing the agreement on oil supply.
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.
“Pakistani government has not yet approved the long-term contract. At the same time, we maintain regular contact in order to maintain the prospects of this project,” Ibrahim Ahmadov, deputy head of the public relations and events department at Azerbaijan’s state oil company SOCAR, 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.
Earlier, Economic Coordination Committee (ECC) of the Cabinet of Pakistan approved the fuel supply agreement with SOCAR.
Moreover, 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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