BAKU, Azerbaijan, July 24. Pakistan and Azerbaijan have signed an agreement on liquified natural gas (LNG) transportation, an informed source told Trend.
During the ceremony in Islamabad, Pakistan, where the agreement on cooperation in the petroleum industry was signed between Pakistan and Azerbaijan, Prime Minister Shehbaz Sharif stated that the initial duration of the agreement is one year, with the possibility of extending it for an additional year.
According to the terms of the agreement, Pakistan will purchase one shipment of LNG (liquefied natural gas) every month. Notably, the agreement grants Pakistan the authority to decline taking the cargo without facing any penalties.
Prime Minister Sharif emphasized the significance of this agreement, highlighting it as a crucial development that fosters stronger ties between the two countries in the realm of the petroleum industry.
Azerbaijan’s state oil company SOCAR currently buys and sells LNG across a wide geography, including the Mediterranean basin, Asia, and other regions. The LNG is procured from third parties and is not exported from Azerbaijan due to the lack of a direct route to the world's oceans.
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