SOCAR in talks with Pakistan over LNG supplies

  01 November 2017    Read: 375
SOCAR in talks with Pakistan over LNG supplies

SOCAR Trading, a trading house of Azerbaijani state oil company SOCAR, is holding talks on supplies of liquefied natural gas (LNG) to Pakistan, a source in Azerbaijan’s oil and gas market told Trend.

"Active negotiations are now underway with Pakistan. Azerbaijan and Pakistan signed an intergovernmental agreement on energy cooperation on Feb. 28, 2017, which directly involves LNG supplies. Since that time, talks have been held with relevant Pakistani bodies. Work is underway; the sides are discussing the terms of delivery, the price and volume," the source said.

The source added that SOCAR Trading has other plans for LNG projects as well.

"The company intends to increase its portfolio on LNG, so that it is easier to compete in this market in the future."

In February, Azerbaijan and Pakistan signed an agreement on cooperation in the field of oil and gas supplies. Pakistan currently imports about 4.5 million tons of LNG per year.

SOCAR Trading, headquartered in Geneva, was established in late 2007 by the State Oil Company of Azerbaijan.


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