Pakistan intends to expand oil cooperation with Azerbaijan

  08 July 2024    Read: 744
  Pakistan intends to expand oil cooperation with Azerbaijan

Pakistan has prepared proposals to expand economic cooperation with Azerbaijan, including equity participation in the Pakistan Refinery Limited, reports citing Pakistani media quoting informed sources in the Pakistani Secretary of Petroleum.

These discussions occurred during a meeting led by Minister for Planning, Development and Special Initiatives, Ahsan Iqbal, aimed at refining investment proposals for the upcoming visit of Azerbaijan’s President.

Prime Minister Shehbaz Sharif tasked the Planning Minister with organising consultative sessions with various ministries, including Commerce, Industries, IT, Education, National Food Security, and the Board of Investment, to prepare an investment portfolio valued between $2-3 billion for presentation to Azerbaijan.

During a session on June 28, the Joint Chief Economist briefed that an initial meeting was conducted to gather potential investment opportunities from various ministries. A report has been drafted based on these discussions.

The Secretary of Petroleum outlined potential investment areas such as underground gas storage, white oil pipelines, LPG infrastructure, and more. The aim is to attract Azerbaijani investments in these sectors, building on existing relations highlighted by SOCAR’s current LNG supply to Pakistan.

The Planning Minister urged stakeholders to prepare viable projects by studying Azerbaijan’s global investment strategies and aligning them with their priorities. A Memorandum of Understanding on information and communication technologies is nearing completion, signalling broader cooperation.

Additionally, proposals for Azerbaijan’s involvement in the CASA-1000 project and expanding exports in pharmaceuticals and smart mobile technologies are being developed. Ongoing negotiations for trade agreements aim to enhance bilateral trade relations.

Concerns about the need for legislative protections for SOCAR’s investments were reiterated, prompting suggestions to consult the Ministry of Law & Justice.

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