BAKU, Azerbaijan, July 8. Pakistan has cooked up proposals to broaden economic cooperation with Azerbaijan, including getting a piece of the pie in Pakistan Refinery Limited, the publication of Pakistani media said, Trend reports.
"Pakistani Prime Minister Shehbaz Sharif has instructed the country's Minister of Planning, Development, and Special Initiatives to hold consultative meetings with relevant agencies, including the ministries of Commerce, Industry, Information Technology, Education, National Food Security, and the Board of Investment, to form a portfolio of investment proposals of $2–3 billion for Azerbaijan," the Pakistani media wrote.
The proposals for Azerbaijan included participation in the underground gas storage project, the White Oil Pipeline, and oil gas liquefaction infrastructure.
"Also SOCAR may be offered a share in Pakistan Refinery Limited (PRL), the creation of a JV between Pakistan State Oil (PSO) and SOCAR, investments in exploration blocks at sea and onshore," Pakistani media noted.
Pakistan plans to invite Azerbaijan to projects on valuable metals, and cooperation in the field of information and communication technologies (the possibility of establishing IT campuses in Azerbaijan is not excluded).
"In addition, negotiations are underway with Baku on transit and preferential trade. The possibility of increasing exports to Azerbaijan from Pakistan of pharmaceutical products and smartphones is also being considered," the media report of Pakistan noted.
To note, SOCAR Trading has delivered two shipments of liquefied natural gas to Pakistan at a competitive price since December 2023.
The idea of selling SOCAR's stake in the Pakistani refinery has been discussed for about two years.
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