Pakistan to purchase cheap LNG from Azerbaijan

Pakistan to purchase cheap LNG from Azerbaijan

ISLAMABAD, Jun 03 (DNA): In a concerted effort to steer clear of costly
liquefied natural gas (LNG) purchases from the global market, the
ministry of petroleum officials have announced plans to enter into an
agreement with Azerbaijan’s state-owned company.

As per the agreement, Pakistan will buy one LNG cargo per month from the
Azerbaijani company, providing a viable solution to mitigate escalating
energy costs.
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The ministry officials have confirmed that an agreement is imminent,
allowing for the purchase of one LNG cargo every month from the
Azerbaijani company.

Following the approval of the Prime Minister Shehbaz Sharif, a summary
was swiftly dispatched to the Economic Coordination Committee (ECC),
ensuring the necessary procedural steps are taken to finalise the
arrangement.

The government has prioritised establishing a direct gas purchase
framework between Pakistan and State Oil Company of the Republic of
Azerbaijan, largely known by its abbreviation SOCAR.

The company has committed to providing LNG to Pakistan at a rate 30%
lower than the prevailing market prices.

This significant reduction in costs is expected to alleviate the
financial burden and support Pakistan’s long-term energy sustainability
goals.

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