BAKU, Azerbaijan, June 6. Pakistan’s Minister of State for Petroleum Musadik Malik welcomed a proposal given by Azerbaijan to make $100 million investment in Liquefied Natural Gas (LNG) sector of Pakistan, Trend reports with reference to APP.
Reportedly, ambassador of Azerbaijan to Pakistan Khazar Farhadov floated the investment proposal by his country’s oil company ‘SOCAR’ in LNG sector, varying from terminal establishment to short term loans and deferred payment facility, during a meeting with Petroleum Minister Musadik Malik.
“With increasing energy needs of the country, such investment and partnership is a tremendous opportunity,” the minister said.
The meeting also discussed Pakistan’s huge potential in oil and gas exploration sector and decided to explore ways and means to strengthen collaboration in that regard.
SOCAR buys and sells LNG over a very wide geography, including the Mediterranean basin, Asia and other regions. LNG is purchased from third parties and forms part of the company’s trade with third parties and buyers. This product is not exported from Azerbaijan due to the lack of direct sea access of Azerbaijan to the world ocean.
SOCAR regularly supplies hydrocarbons to Pakistan and intends to continue this cooperation in the future.
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