Lahore, 24 July, 2023 (GNP): Pakistan and Azerbaijan have joined hands to secure a framework agreement for Liquefied Natural Gas (LNG) procurement with flexible terms.
The signing ceremony took place in Lahore on 24 July between Pakistan LNG Limited and Azerbaijan’s state-owned company, SOCAR. Prime Minister Shehbaz Sharif graced the signing ceremony.
During the event, PM Shehbaz highlighted the significance of the agreement, emphasizing that its duration is one year, with the possibility of extension for one more year.
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Under this arrangement, Azerbaijan will offer one LNG cargo per month, leaving the decision to accept or reject the cargo entirely in Pakistan’s hands, without incurring any financial penalties for non-acceptance.
PM Shehbaz lauded the agreement as a major milestone in fortifying the fraternal ties between Pakistan and Azerbaijan. He expressed his gratitude to the President of Azerbaijan for playing a pivotal role in facilitating this collaboration.
Reflecting on recent productive discussions with the President of Azerbaijan, PM Shehbaz Sharif announced the approval for Azeri airlines to land in key Pakistani cities – Islamabad, Lahore, and Karachi. This move will strengthen tourism, promote investment, and facilitate meaningful exchanges of delegations between the two nations.
In a bid to enhance Pakistan’s horticulture, PM Shehbaz Sharif revealed that an Azeri delegation of horticulture experts is arriving in Pakistan today upon his invitation. The objective is to learn from their expertise and transform the landscapes of Karachi, Peshawar, Quetta, and Lahore into enchanting sceneries akin to that of Baku.
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Further addressing the recent increase in power tariffs, PM Shehbaz clarified that it was implemented under the agreement reached with the International Monetary Fund (IMF). However, he reassured that around sixty-three percent of the total domestic consumers would not bear the burden of this increase. Additionally, thirty-one percent of consumers have received partial subsidies to mitigate the impact.
Speaking at the occasion, the Ambassador of Azerbaijan emphasized the deepening cooperation between the two countries across various sectors, including energy, defense, IT, and transport.
He further disclosed that both nations are actively negotiating a preferential trade agreement, expressing optimism for successful outcomes in this regard.
