Pakistan is in talks with Azerbaijan to import Petroleum, Oil, and Lubricants (POL) products on credit, as well as to agree on liquefied natural gas (LNG) supplies at affordable prices, a senior official at Pakistan’s Energy Ministry said, Trend reports via Geo News.
Reportedly, a delegation led by Pakistan’s Federal Minister of State Musadik Malik is visited Baku on Feb.18 and will stay till February 23.
Pakistan LNG Limited (PLL) seeks an agreement with Azerbaijan’s state oil company SOCAR on LNG cargo supplies at lower prices compared to the current market prices.
LNG supplies to Pakistan do not fully cover the country’s growing fuel demand.
Pakistan’s LNG import stood at 9 billion cubic meters in 2022, showing a 20 percent decrease from 11.2 billion cubic meters in 2021.
SOCAR buys and sells LNG over a very wide geography, including the Mediterranean basin, Asia and other regions. LNG is purchased from third parties and forms part of the company’s trade with third parties and buyers. This product is not exported from Azerbaijan due to the lack of direct sea access of Azerbaijan to the world ocean.