WEB DESK: Azerbaijan State Oil Company and Pakistan State Oil (PSO) have agreed to extend the LNG framework agreement for an additional three years.
Federal Minister for Petroleum, Ali Pervaiz Malik, recently visited Azerbaijan, during which important meetings were held to further strengthen energy cooperation between the two countries and to explore investment opportunities. The purpose of this visit was to promote joint economic and energy collaboration between Pakistan and Azerbaijan.
The leadership of Azerbaijan welcomed the delegation and expressed their commitment to elevate relations between the two countries across various sectors. President Ilham Aliyev of Azerbaijan received the delegation and stated that the trilateral meeting in Lachin involving Pakistan, Turkey, and Azerbaijan symbolizes brotherhood and unity. He further highlighted that Pakistan-Azerbaijan relations are progressing toward significant developments in the energy sector.
During the visit, Prime Minister of Azerbaijan Ali Asadov also met with Ali Pervaiz Malik to discuss further investment opportunities. Azerbaijan announced plans to invest two billion dollars in various sectors within Pakistan.
Ali Pervaiz Malik held important meetings with Azerbaijan’s Minister of Energy, Provez Shabazov, and Minister of Finance, Mikayil Jabbarov, during which discussions focused on investment security and energy projects.
Additionally, it was decided to extend the LNG framework agreement between the Azerbaijan State Oil Company and Pakistan State Oil (PSO) for three years. Furthermore, a joint trading company will be established in Singapore between Socar and PSO.
Addressing the Baku Energy Week, Ali Pervaiz Malik also met with CEOs of global energy companies to discuss future collaborations in the energy sector.
He engaged with Ahmet Turkoglu, CEO of Turkish Petroleum, and Sheikh Mansour, Chairman of Emirati company Mabda, to explore opportunities for energy partnerships.
