Pakistan and Azerbaijan Sign Groundbreaking Framework Agreement for Flexible LNG Procurement

Pakistan signed a framework deal with Azerbaijan on Monday for flexible LNG buying terms.

Prime Minister Shehbaz Sharif witnessed the signing of an agreement between Pakistan LNG Limited and the Azeri company SOCAR in Lahore today.

Speaking on the occasion, the Prime Minister stated that the agreement has a one-year term that can be extended for another year.

According to the deal, Azerbaijan will offer one cargo of LNG per month, and it will be up to Pakistan to accept or reject the shipment. He stated that there will be no financial consequences if Pakistan refuses to accept the cargo.

The Prime Minister described the deal as a watershed moment in Pakistan-Azerbaijan relations. He specifically congratulated Azerbaijan’s President for his critical contribution in reaching this deal.

About his recent productive and beneficial meetings with Azerbaijan’s President, the Prime Minister stated that we have granted Azeri Airlines permission to land in Islamabad, Lahore, and Karachi. This is a significant step forward in promoting tourism, investment, and delegation exchanges between the two countries.

Shehbaz Sharif has also invited an Azeri group of horticulture specialists to visit Pakistan today. He stated that we want to learn from their experience to make the landscapes of Karachi, Peshawar, Quetta, and Lahore as attractive as Baku’s.

On the occasion, the Prime Minister also addressed the recent hike in power tariffs, stating that it was done by the IMF deal.

He did, however, clarify that this rise will not affect around 63% of total domestic consumers. He also stated that 31% of consumers have received partial subsidies.

In his remarks on the occasion, Azerbaijan’s Ambassador stated that both nations are increasing their cooperation in a variety of industries such as energy, military, information technology, and transportation. He added that the two sides are also negotiating a preferential trade agreement, and he is confident that they will be successful in this as well.

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