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11.11.2016 16:26

SOCAR eyes perspectives of cooperation with Pakistan

Azerbaijans energy giant SOCARseeks to strengthen its cooperation with Pakistan, which is a strategic partner of the country.

Head of SOCAR Rovnag Abdullayev held a bilateral meeting with the oil minister of Pakistan ShahidKhaqan Abbasi within his visit to the UAE, which hosted the International Petroleum Exhibition&Conference.

Abdullayev said that Azerbaijan and Pakistan enjoy amicable relations and the cooperation between the countries is developing steadily.

He further informed the minister about the global and regional projects implemented by the company, underlining that the projects serve for the development of energy security in the international scale.

Abbasi, in turn, said that his country is interested in cooperation with the company.

SOCAR and Pakistan State Oil Company (PSO) earlier agreed on facilitating negotiations and subsequent signing of MoU to implement trading of crudes, refined oil products, LNG and Liquefied Petroleum Gas (LPG) as well as joint development of new facilities for their import.

SOCAR Trading S.A, SOCAR`s wholly owned affiliate is expected to execute the relevant activities in the country.

Moreover, Azerbaijan is also among the countries that participated in Pakistan's tenders for liquefied natural gas (LNG) supplies. Pakistan has already decided to negotiate with the worlds six energy companies to import LNG, including Gazprom, Engie, Eni, Otto and SOCAR. Negotiations on price and other significant aspects is planned to be firstly conducted with Petronas and Gazprom.

The trade turnover between Azerbaijan and Pakistan amounted to $1.8 million in the first quarter of 2016, according to the State Customs Committee of Azerbaijan.

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