January 30, 2019 (MLN): Minister for Petroleum Ghulam Sarwar Khan on Wednesday said that Pakistan and Azerbaijan would constitute a Joint Working Group (JWG) on Energy for which a formal signing of the commercial agreement is expected next month.
During a meeting with Deputy Head of Mission Azerbaijan Chingiz Coribhi, the minister said the Petroleum Division would try its best to get this agreement ratified from the Economic Coordination Committee and the Federal Cabinet.
According to a Petroleum Division press release, “both the countries are expected to formally sign a commercial agreement this February on arrival of Azerbaijan Foreign Minister in Islamabad.”
The minister expressed confidence that bilateral relations between the two countries would further strengthen with each passing day.
The two countries had entered into an inter-governmental agreement (IGA) in February 2017 for supply of a number of oil and gas products, including furnace oil, petrol, diesel and liquefied natural gas (LNG).
Azerbaijan is also interested to invest in LNG sector of Pakistan through State Oil Company of Azerbaijan Republic (SOCAR).
The Deputy Head of Mission said the SOCAR’s activities included exploration of oil and gas, production, processing and transportation of oil, natural gas and gas condensate as well as marketing of petroleum and petrochemical products in domestic and international markets.
It also operates a wide network of petrol stations in Ukraine, Romania, Georgia, Switzerland and Azerbaijan under its brand name.
Azerbaijan’s daily production of crude oil is approximately 860,000 barrels per day (bpd) and its annual gas production is approximately 29.4 billion cubic feet.
This makes the SOCAR a predominant player in its core region as well as an invaluable trade partner in the global market.
Chingiz Coribhi invited the minister to attend Caspian Oil & Gas Exhibition and Conference in Azerbaijan scheduled to be held on May 29.